The BTC has reached the 8/8 murray area key level as this is a resistance zone, the bullish force continues to prevail, therefore the next target will be the +1/8 murray level around $ 40,625.
The BTC has a primary and a secondary bullish trend, both trends are giving it bullish strength, because it is now located at the resistance of $ 37,500, we expect a rebound in the area of the 200 EMA for a new bullish wave.
If the BITCOIN breaks the primary trend, we expect it to rebound in the area of the 200 EMA and the 21 SMA both are located at 34.629 this zone will be key to maintain an uptrend.
Our recommendation is to buy above the 200 EMA, with targets at $37,500 and $40,625.
Support And Resistance Levels For February 04 - 05, 2021
Resistance (1) $38,618
Resistance (2) $39,865
Resistance (3) $42,887
Support (1) $35,980
Support (2) $34,733
Support (3) $33,472
