After the American session opened, the leading cryptocurrency BTC / USD is trading at the price of $ 35,096, having found strong support at 1/8 of a murray around $ 31,250. It is now located above the SMA of 21 and below a bearish channel that could put some pressure on Bitcoin.
If Bitcoin falls below 35,000 again given that the SMA of 21 is located there, there could be a bearish cycle again and a test the 1/8 murray support around 31,000.
Investors are still very nervous and any downward movement could assure them to stop buying and liquidating their Bitcoins. That could produce some downward pressure. The BTC psychological barrier is located in the 30,000 zone. This level is now the floor of the market. In the future, if this level is broken, the price could quickly fall to the level of $ 25,000.
As long as BTC / USD remains above the 30,000 level, there could be some technical rebound. To subdue the downward pressure, the price should consolidate above the $ 35,000 level. Only on such condition, the market will revive optimism, so the price could reach up to the 37,500 resistance zone and up to the 200 EMA located at $42,189.
Our recommendation is to buy BTC above the 21 SMA around 35,000, with targets at 37,500 and 42,189. The eagle indicator is showing a bullish signal and the technical bounce is likely to continue.
Support and Resistance Levels for June 09 – 10, 2021
Resistance (3) 41,755
Resistance (2) 38,804
Resistance (1) 36,434
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Support (1) 33,483
Support (2) 31,492
Support (3) 29,456
