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.
