Trading Signal for BITCOIN for August 04 - 05, 2021: Buy above $ 37,500

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BTC / USD has reached the key level of $37,500 which is a strong support. A technical bounce above this level could give momentum to the resistance zone located at $39,280.

Having reached the resistance level of $42,187 and having formed a double-top pattern at this level, BTC made a technical correction. Now, we believe that it will be a good time to buy.

The bottom line is to watch that the price of Bitcoin stays above $37,500. You will be able to buy above these levels with targets of $40,625 and $42,187.

The technical reading of the eagle indicator is showing a bullish signal which confirms our bullish outlook.

Support and Resistance Levels for August 04 - 05, 2021

Resistance (3) 41,451

Resistance (2) 40,569

Resistance (1) 39,294

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Support (1) 37,086

Support (2) 36,219

Support (3) 34,904

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

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