07.08.202418:05 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for August 7-10, 2024: buy above $56,000 (21 SMA - 2/8 Murray)

Bitcoin is trading around $56,000 in the 2/8 Murray zone and within the uptrend channel forming since August 5th, albeit showing signs of exhaustion.

BTC is expected to continue its bearish movement in the next few hours or a technical rebound could occur. The key to keep in mind is 2/8 Murray and the 21 SMA.

In case Bitcoin consolidates above 56,203, the outlook could remain positive and in the next few days, it could reach the top of the uptrend channel around 58,200. The BTC price could even reach the top of the main downtrend channel around 58,500 and, finally, challenge the strong resistance around the psychological level of $60,000.

We could look for buying opportunities in the next few hours in case Bitcoin trades above 56,200.

On the contrary, if the price breaks out of the uptrend channel and consolidates below 55,500, the outlook could be negative. Therefore, we could expect a technical correction towards 1/8 Murray located at 53,125 or towards the bottom of the uptrend channel around 52,700.