12.11.202419:37 Forex Analysis & Reviews: Trading Signals BITCOIN (BTC/USD) for November 13-15, 2024: buy above $87,500 (21 SMA - 6/8 Murray)

Relevance up to 12:00 2024-11-26 UTC--5

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Bitcoin is trading around $87,400 within a bullish pennant pattern, which is likely to be complete in the coming hours. If BTC consolidates above 87,500, it could be seen as a signal to continue buying with targets at 7/8 Murray around 93,750.

In case Bitcoin falls below 6/8 Murray, it will be seen as a signal to resume selling as it is technically overbought. Therefore, there is likely to be a strong technical correction towards the 21 SMA located at 82,098. The crypto could even reach 5/8 Murray around 81,250.

Since Bitcoin has an inverse correlation with the precious metal (XAU/USD), this has become evident from the fundamental events that have occurred in the last two weeks.

Recently, gold fell from its high near $2,790 to 2,590 and helped Bitcoin gain strength from $70,000 to a high of $90,000, which means that a technical correction is likely in the coming days and could be seen as a signal to sell Bitcoin.

The Eagle indicator has reached the 95-point zone which represents extremely overbought levels. So, our trading plan is to sell BTC whenever it trades below the psychological level of $90,000 or below 6/8 Murray, with the target at $82,000.

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