BTCUSD Composure regained

Bitcoin has regained its composure above the $35,000 level, following large profit taking and a brief dip towards the $34,500 area. Traders that are bullish towards BTC may be targeting a move towards the $42,000 area if the $36,000 level is breached with conviction. To the downside, traders that are bearish towards BTC may look to fade the recent rally in expectation of further weakness.

• The BTCUSD pair is only bullish while trading above the $32,000 level, key resistance is found at the $36,000 and the $42,000 levels.

• If the BTCUSD pair trades below the $32,000 level, sellers may test the $30,000 and $27,700 levels.