26.09.202416:15 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for September 26-29, 2024: sell below $64,700 (5/8 Murray - strong resistance)

Relevance up to 10:00 UTC--4

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Early in the American session, Bitcoin is trading around 64,334, approaching a strong resistance zone and trading within the bullish trend channel forming since September 6.

Technically, we see an exhaustion of bullish strength. If Bitcoin fails to consolidate above $65,000, we could expect a technical correction to occur. Therefore, the price could reach 2/8 of Murray around 56,250 in the short term.

On the other hand, if Bitcoin reaches 5/8 Murray around 65,625, it could be seen as a signal to sell, since technically, it has been showing overbought signs since September 13. We believe this could lead to a strong technical correction in the coming days.

In turn, a sharp break of the bullish trend channel around 63,163 could be seen as a clear signal to sell. Besides, with a consolidation below 62,500 on the H4 chart, Bitcoin could enter a bearish phase and we could expect the price to decline to the psychological level of $50,000 in the medium term.

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