BTC / USD has reached the key level of $37,500 which is a strong support. A technical bounce above this level could give momentum to the resistance zone located at $39,280.
Having reached the resistance level of $42,187 and having formed a double-top pattern at this level, BTC made a technical correction. Now, we believe that it will be a good time to buy.
The bottom line is to watch that the price of Bitcoin stays above $37,500. You will be able to buy above these levels with targets of $40,625 and $42,187.
The technical reading of the eagle indicator is showing a bullish signal which confirms our bullish outlook.
Support and Resistance Levels for August 04 - 05, 2021
Resistance (3) 41,451
Resistance (2) 40,569
Resistance (1) 39,294
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Support (1) 37,086
Support (2) 36,219
Support (3) 34,904