As we can observe on the BTCUSD Daily Chart the market has sharply moved to the downside reached the lowest level from 22 January 2021. (Support 2, $28880). The market corrected quickly to the upside moving close to the 200 period moving average (Blue). Since then the market has been moving between Support 2 and the 200MA.
We expect the price to move lower retesting the support at the $30986.85 price level (Support 1). The price has reacted multiple times on the 40803.70 confirming a strong resistance level. On the same price levels there is the 200MA along with the 38.2% Fibonacci retracement level.
A strong break above the 40803.70 level with the confirmation of 2 periods could indicate a recovery of the price and a further movement higher to the 42984.90 price level (Resistance 2).
*Not Investment Advice. Please note that this is our opinion and nothing is guaranteed. Do not trade by taking into consideration our analysis but study by yourself.
