Today in the American session, Bitcoin is trading above the $ 35,000 level, the Fibonacci retracement zone, drawn from the low of 31,150 to the maximum of 41,110. We note that it has made a correction to the 61.8% of the zone of Fibonacci.
As BTC consolidates above the 61.8% Fibonacci and above 35,000 it is likely that in the next few hours there will be an impulse to the 43,750 resistance zone of the 3/8 murray level.
China appears to be taking Bitcoin and cryptocurrency mining seriously, as it imposed palpable rules that will deter Chinese mining enthusiasts. This could force many individual investors to sell their BTC and buy the UST, as a hedge against volatility.
Iran, another popular center for cryptocurrency mining, has imposed a total ban to make matters worse, and it will last until September 22, according to comments from President Hassan Rouhani on state television.
The recent stance of China and Iran on Bitcoin mining seems to have had a high price on the price of BTC, which has caused it to fall. The odds are that BTC will consolidate for a good long period of time between $43,750 and $30,000.
Our recommendation is to buy above 35,000 with targets at 37,500, 41,150 and 43,750. As the eagle indicator is showing a bullish signal, above 38,000 there will be less difficulty to climb, given that the 200 EMA is located there.
Support and Resistance Levels for May 28 – 31, 2021
Resistance (3) 40,141
Resistance (2) 38,467
Resistance (1) 36,891
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Support (1) 35,383
Support (2) 33,641
Support (3) 29,873