03.09.202418:37 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for September 3-5, 2024: sell below $58,512 (5/8 Murray - 21 SMA)

Relevance up to 12:00 2024-09-17 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 (BTC/USD) has been trading around $57,748 within the downtrend channel forming since August 27, below the 21 SMA, and below 3/8 Murray. If Bitcoin continues its downward movement, it is expected to reach 2/8 Murray around 56,250, the level that coincides with the bottom of the downtrend channel.

Bitcoin reached the top of the bearish trend channel and it could not consolidate above 3/8 Murray, since above this area, there is the 200 EMA which acts as a strong resistance.

Bitcoin is trading below the psychological level of $60,000. It is likely to continue its fall in the next few days and could even reach the low of August 5 around 48,890.

If Bitcoin consolidates above 58,600, it is likely to challenge the resistance of the bearish channel again. If it consolidates above 59,375, the outlook could be positive and we could expect it to reach 4/8 of Murray around 62,500.

The eagle indicator has reached the oversold zone. BTC could likely resume its bullish cycle. The key will be to trade above 56,250.

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.