FX.co ★ Trading Signal for BTC/USD for February 05 - 08, 2021: Short-term target at $40,625

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