The BTC / USD pair is trading with a strong uptrend, since the correction it made in the area of $ 32000 we have noticed a recovery of bitcoin, now it is trading above 8/8 of murray, with the following target at + 1 / Murray 8 about $ 40,625.
The BTC / USD has two upward trends, both are intact, however it is reaching overbought levels, as the eagle indicator is approaching 95 levels, being a sign of an imminent correction in the short term.
If the BTC makes a correction towards the area of the SMA of 21 it will be a good option to buy in this area of $ 36,450, on the other hand, a break of the secondary bullish trend channel, expect a correction to the area of the 200 EMA.
The 200 EMA area will be a good buying point in the short term, as a correction is expected for a new bullish wave to levels of $ 40625 (+1/8 of murray).
Support And Resistance Levels For February 05 - 08, 2021
Resistance (1) $38,786
Resistance (2) $40,145
Resistance (3) $41,299
Support (1) $37,475
Support (2) $36,274
Support (3) $34,963