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Trading Signal for BITCOIN for July 26 - 27, 2021: buy above $37,500

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The Bitcoin has had strong momentum towards the 4/8 murray resistance zone. This level is the key as it represents the pivot point for a change in trend in the medium term.

The two decisive candles after BTC consolidated above 34,375 came in light of the news that Amazon is ready to start accepting Bitcoin payments before the end of the year. Amazon will look to integrate other cryptocurrencies. Ethereum (ETH), Cardano (ADA), and Bitcoin Cash (BCH) will be next in line before bringing eight of the most popular cryptocurrencies.

Undoubtedly this information has cheer up sentiment among crypto traders and some of them believe that in the coming days BTC could be trading above the psychological level of $ 40,000.

Bitcoin has surged 28% since its level of last week when it hit the support zone of 29$,687. Besides, the price has gained 12% in the last 24 hours. A further increase is likely in the coming days.

In the short term, BTC /USD could enter a consolidation phase, between the 4/8 murray zone at 37,500 and 6/8 at 40,625.

Our recommendation is to buy above 37,500 and sell below 40,650. The eagle indicator is in the overbought zone, so we should expect a correction for a new bullish wave.

Support and Resistance Levels for July 26 - 27, 2021

Resistance (3) 41,882

Resistance (2) 40,735

Resistance (1) 38,302

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Support (1) 36,433

Support (2) 34,819

Support (3) 33,320

The material has been provided by InstaForex Company - www.instaforex.com