In a 4-hour chart, Bitcoin BTC / USD is trading below the 21 SMA and 200 EMA, adding pressure to the strong 6/8 Murray resistance. The bias is still bearish as shown by the eagle indicator.
On June 29, the cryptocurrency was about to challenge resistance of $ 37,500, it reached a few pips below and failed to consolidate. BTC was also trading above the 200 EMA for a few hours, but the downward pressure took it back below key level of $35,000.
For some traders, this upward movement that we saw was seen as an opportunity to liquidate their losing positions or take profit, and wait for a bottom in the $30,000 zone and then buy again.
In view of the fact that Bitcoin has a strong resistance zone, it is likely that there will be a bearish movement in the next few days to the zone of $31,250.
If the panic takes hold of the market, BTC price could fall to the key support and psychological level of $25,000 that is the 4/8 of murray.
Our outlook suggests that BTC remains bearish in the near term as long as it holds below 6/8 murray. Therefore, any bounce will be an opportunity to sell with targets at $ 30,000 and $ 25,000.
Support and Resistance Levels for July 01 - 02, 2021
Resistance (3) 37,165
Resistance (2) 35,913
Resistance (1) 34,891
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Support (1) 32,532
Support (2) 31,285
Support (3) 29,196
