The price of Bitcoin, BTC / USD, is showing a slight upward force after having found support at the psychological level of 30,000. Now the odds are that there will be a bullish movement in the short term towards the resistance zone of 4/8 of murray, about $37,500.
The extremely oversold level of murray in -1/8 ($29,687) has given good support to BTC. On June 22, Bitcoin made a technical bounce at this level. Then on July 20, it made a rebound again at this level, thus forming a double bottom reversal pattern with a short-term bullish outlook.
The price of Bitcoin increased approximately 12% from the low on July 20 at $29,300. Given that it is now holding above the 21 SMA, the upward movement is likely to continue to the zone of 200 EMA ($33.145) and up to 2/8 of murray at the $34,375.
Therefore, a technical rebound in the area of $30,824 (SMA 21) will be a good opportunity to buy with targets at the top of the bearish channel and the EMA of 200. To break this level sharply, it is expected to reach the level of 4/8 murray.
The technical reading of the eagle indicator is showing a bullish signal in the short term, so it could support our bullish outlook on Bitcoin. In case ofa a break below the psychological level of $30,000, we should avoid buying.
Support and Resistance Levels for July 22 - 23, 2021
Resistance (3) 34,619
Resistance (2) 33,152
Resistance (1) 32,345
Support (1) 30,866
Support (2) 29,809
Support (3) 27,929
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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