Trading Signal for BTC/USD (Bitcoin) for July 08 - 09, 2021: Sell Below $33,933

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The price of Bitcoin (BTC/USD) is located in a zone of bearish pressure. It seems to be about to retest the $ 30,000 as traders were willing to liquidate their profits or invest in other assets.

There is a probability that Bitcoin will break below the psychological level of 30,000. This is due, in part, to the external pressure that is being exerted in the mining field and to the fact that it is now more difficult to have a bullish outlook due to the sharp fall of more than 50% in the month of May.

These events have made traders and investors more cautious, as they expect a stronger support zone or an attractive level to buy again. It could surely happen if the market continues to operate within this current price range.

The outlook will remain bearish for BTC, given that in recent weeks it has not been able to consolidate above the $ 35,128 zone of the 200 EMA, a daily close below 31,250 (5/8), it could quickly fall to the $ 25,000 level this level is important for a long-term bounce.

Peter Brandt, CEO of Factor LLC, a global trading firm, also suggested a decline towards $ 30,000. The veteran trader saw the BTC / USD pair within a rectangular pattern, a price block that has kept Bitcoin within a range.

Our recommendation is to sell the BITCOIN below 33,933 or 35,128, with targets at 31,250 and 25,000. The eagle indicator is showing bearish signal.

Support and Resistance Levels for July 08 - 09, 2021

Resistance (3) 35,110

Resistance (2) 34,336

Resistance (1) 33,169

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Support (1) 32,260

Support (2) 30,881

Support (3) 28,710

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

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