The cryptocurrency market is showing cautious optimism as BTC remains above the $ 36,000 level in the American session on June 29, reviving hopes that the uptrend will resume shortly and the price may rise towards the key level 43,750.
On a 4-hour chart, Bitcoin BTC / USD is trading above the 200 EMA, showing a bullish signal, supported by the eagle indicator that is also generating a bullish signal.
BTC has been consolidating from the low of the psychological $ 30,000 level. It is now trading above the 21 SMA and 200 EMA, suggesting that in the short term there could be a bullish move towards the zone of resistance 7 / 8, of murray located at 43,750.
Despite the bullish move, some analysts have warned that if BTC fails to consolidate above the $ 40,000 resistance it is a sign that traders are simply closing positions at each resistance break, an indication that the price could continue to decline in the medium term.
According to the chart above, we believe that BTC has regained some footing to scale up to the 7/8 resistance zone, ($43,750). This level will be a zone of strong resistance and a reversal of this bullish wave. However, there is a possibility that the psychological level of $40,000 is a barrier that will be known when BTC breaks or consolidates in this area.
Our recommendation is to buy above the 200 EMA and if the BTC price makes a correction to the 21 SMA located at 33,610. It will be a good opportunity to buy with targets at 37,500 and 43,750.
Support and Resistance Levels for June 29 - 30, 2021
Resistance (3) 39,249
Resistance (2) 38,370
Resistance (1) 36,796
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Support (1) 33,022
Support (2) 32,532
Support (3) 31,448
The material has been provided by InstaForex Company - www.instaforex.com