24.01.202416:32 Forex Analysis & Reviews: Trading Signals for BTC/USD (Bitcoin) on January 24-26, 2024: sell below $40,635 (21 SMA - 2/8 Murray)

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.

Early in the American session, Bitcoin is trading around 39,941 and below a downtrend channel, forming since January 10. Yesterday in the American session, Bitcoin fell to a low of 38,489, a level that coincided with the bottom of the trending channel.

In the chart, we can see that once BTC touched the bottom of the bearish channel, a strong technical rebound occurred, reaching the psychological level of $40,000.

If Bitcoin consolidates above 40,600 (2/8 Murray) in the next few hours, we could expect it to begin a more sustained recovery and the price could reach the 200 EMA at 42,439 in the short term and could even reach 4/8 Murray located at 43,700.

If Bitcoin continues to trade within the downtrend channel in the next few hours, the bearish cycle is likely to resume and it could be seen as an opportunity to sell below 40,600 with the targets at 1/8 Murray located at 39,062. BTC could even reach 0/8 Murray located at 37,500.

The main trend remains bearish for Bitcoin. Therefore, the most efficient strategy could be to sell below the top of the downtrend channel. The trend could reverse if BTC consolidates above 40,700. The eagle indicator is giving a negative signal. So, Bitcoin is likely to reach 37,000 in the coming days.

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.