09.09.202416:55 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for September 9-11, 2024: buy above $54,000 (21 SMA - 2/8 Murray)

Relevance up to 10:00 2024-09-23 UTC--4

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Bitcoin is trading around $55,182, above the 21 SMA , inside an uptrend channel formed on September 6, and inside a downtrend channel forming since August 25. Bitcoin is trading at a turning point. So, if it consolidates above $56,000, we could expect the price to reach the 200 EMA located at 59,101 and it could even reach 4/8 Murray around 62,500.

If Bitcoin falls below $54,000, we could expect it to continue its decline and the price could reach 1/8 Murray around 53,125 and finally, drop to the psychological level of $50,000.

Since the eagle indicator is showing a positive signal, we will look for opportunities to buy. In case Bitcoin bounces around 54,628 where 21 SMA is located or around the bottom of the uptrend channel (54,500), it will be seen as a positive signal. Our trading plan will be to reach 2/8 Murray at 56250 and finally the 200 EMA located at 59,101.

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