31.07.202414:19 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for July 31 - August 03, 2024: buy above $64,500 (21 SMA - 200 EMA)

Relevance up to 08:00 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.

Early in the American session, Bitcoin (BTC/USD) is trading at 64,513, below the 21 SMA, and above the 5/8 Murray, consolidating after the drop from 70,000.

Bitcoin is trading within an uptrend channel. Therefore, if a technical bounce occurs at the bottom of the trend channel around 64,500 or at the 200 EMA, it will be seen as an opportunity to resume buying with the target at the psychological level of $70,000.

On the other hand, in case there is a pullback towards 67,280, this area represents a strong resistance, spreading even towards 68,750. It will be seen as an opportunity to sell with the target at 64,500.

A sharp break of the bullish trend channel could change the Bitcoin scenario. Hence, the price could reach the 4/8 Murray level at 62,500 in the short term and could even reach the July low of around $54,000.

Our trading plan for the next three is to buy Bitcoin if there is a bounce around 64,500 or wait for a pullback around 67,500 to sell.

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.