As we can observe on the BTCUSD daily chart, the price of the instrument has moved higher the past week reaching the previous highs at the 40384 price level.
Currently the price is trading at the 39509 price level after an intraday reaction upon reaching the 100 MA (Red), Resistance 1 and the 38.2 Fibonacci retracement level (Fibonacci 1).
We expect the price to move lower retesting the 36390 price level which consists of the 38.2% fibonacci retracement level (Fibonacci 2).
In the case we observe a break above the 40803 price level with a 2 day confirmation of the break, we expect the price to move higher reaching the 44300 price level which consists of the 200 MA (Blue) and the 50% fibonacci retracement level.
BTCUSD Daily Technical Analysis (28.07.2021)
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