07.05.202417:38 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for May 7-9, 2024: sell below $64,000 (200 EMA - 5/8 Murray)

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Bitcoin is trading around 63,588, below the 200 EMA, and below the 21 SMA. Bitcoin reached the psychological level of $65,000, the area which coincided with 5/8 Murray.

After trying to break the bearish trend channel forming since April 21, the crypto found a strong rejection. Since then, we are watching a technical correction.

In the next few hours, Bitcoin could continue its rise. If the price reaches 63,975, it could be seen as an opportunity to resume selling operations with targets at 62,500 and 3/8 Murray located at 59,375.

On the contrary, if there is a pullback towards the top of the downtrend channel around 65,200 and if Bitcoin fails to consolidate above this area, it will be seen as a signal to sell with short-term targets at 2/8 Murray located at 56,500.

On the other hand, if Bitcoin trades below the 200 EMA (64,000) in the next few hours, it could be seen as a signal to sell as the eagle indicator is producing overbought signals. Therefore, a technical correction is likely to occur in the next few days.

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