After opening of the American session, Bitcoin BTC / USD is trading above the SMA of 21 and the EMA of 200, showing a bullish bias, after having broken the symmetrical triangle that had formed since the sharp fall in the month of May.
BTC / USD has been marked by low volume in recent weeks as Bitcoin was trading within the triangle pattern, and we saw a price range between $ 31,000 and 38,000.
With BTC now hovering above this downside pressure zone, it is now likely that it will now find it easier to reach its medium-term goal at the psychological level of $ 50,000 (4/8).
It is likely that the volatility that characterizes BTC / USD will increase in view of the fact that some investors are buying more currencies. They are optimistic that Bitcoin will reach the price level of $64,000 and can overcome this barrier by reaching up to the maximum of $75,000 until the end of the year.
According to technical analysis, we can support this idea because in the chart we note that the BTC could easily reach the $50,000 area in the short term, given that the 200 EMA is located in the $38,000 area.
Therefore, our recommendation is to continue buying BTC at current price levels. On the other hand, if you want to be a bit more conservative, we can buy in the technical bounce zone of $37,500 with targets at $43,750 (3/8) and $50,000 (4 / 8).
Support and Resistance Levels for June 16 – 17, 2021
Resistance (3) 41,939
Resistance (2) 40,872
Resistance (1) 39,005
Support (1) 37,245
Support (2) 36,479
Support (3) 33,680
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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