30.08.202415:26 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for August 30-31, 2024: buy above $60,000 (3/8 Murray - 21 SMA)

Relevance up to 09:00 2024-09-13 UTC--4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin is trading at 59,597, below the bearish trend channel forming since August 26 and below the 21 SMA. We see a consolidation at about $59,000.

Yesterday during the European session, BTC reached the top of this bearish channel around 61,160. After finding that it is a strong resistance since it also coincided with the 200 EMA, it made a strong technical correction.

During the American session, Bitcoin is trying to break out of this bearish trend channel again which this time coincides with the 21 SMA. If BTC breaks out and consolidates above the psychological level of $60,000, we could expect it to continue rising and the price could reach 61,160 and finally, the key level of 62,500 key at about 4/8 of Murray.

If the bearish force prevails and BTC falls and consolidates below 3/8 of Murray, we can look for opportunities to sell Bitcoin, with targets at 58,200, 57,000, and finally, at 2/8 of Murray around 56,250.

Our outlook is positive, so we seek opportunities to buy since Bitcoin has technically reached oversold levels. So, as long as the BTC price remains above 3/8 of Murray, we can buy above 59,981 (21 SMA).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.