During the North American session, Bitcoin BTC / USD is trading above the 21 SMA and above the 5/8 of Murray, showing a bullish signal with an immediate target at the 200 EMA located at 36,356.

Cryptocurrency traders are pausing for breath after the bearish price action on June 22 when it bounced from the low of $ 29,000. This brief rally of Bitcoin (BTC / USD) to the $ 34,500 level triggered a rally for altcoins. Now traders expect a broader market rally to hit the price of 43,750.

Some traders saw the correction of BTC to the psychological level of 30,000 as an opportunity to buy cheaply, and now they are holding their buy positions, bearing in mind the prospects of taking profit at the psychological level of 50,000.

In the 4-hour chart, you can see that BTC has formed a bullish pennant. If the price consolidates above 34,000, its target can be located at the 6/8 of murray around 37,500 and the 200 EMA at 36,356.

The bullish outlook we have for Bitcoin for these days is based on the fact that it is now located above the SMA of 21, which favors the uptrend. In addition, the eagle indicator is showing a bullish signal.

Therefore, we recommend buying at current price levels or wait for a technical bounce off the 21 SMA around 32,700 with targets at 36,356 and 43,750 in the short term.

Support and Resistance Levels for June 24 – 25, 2021

Resistance (3) 37,518

Resistance (2) 36,099

Resistance (1) 34,535

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Support (1) 32,358

Support (2) 31,552

Support (3) 30,133