02.05.202406:01 Forex Analysis & Reviews: Trading Signals for Bitcoin (BTC/USD) for May 2-7, 2024: buy above, $56,250 (rebound - 2/8 Murray)

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Bitcoin is trading around 57,232, above 2/8 Murray, and under strong bearish pressure. We believe that Bitcoin could resume its main bullish cycle in the next few hours and could reach 4/8 Murray around 62,500.

Bitcoin has found strong support around 2/8 Murray located at 56,250. In case it consolidates above this area, it is expected that it will reach the top of the bearish channel around 62,200 in the coming days.

If BTC/USD consolidates below $56,000, we could expect a continuation of the bearish movement and it could reach the 200 EMA located at 51,771 and finally, the psychological level of $50,000.

Technically, Bitcoin has reached a 50% retracement (56, 500) according to the Fibonacci indicator, if we draw the indicator from the breakout point of 38,551 to the high of 73,840.

If the cryptocurrency consolidates above the 50% Fibonacci level in the coming days, we could expect a recovery in BTC and it could return to levels of $70,000.

On the contrary, in case there is a deeper correction and BTC reaches 61.8% Fibonacci, we could wait for it to drop to the psychological level of $50,000.

The eagle indicator is giving oversold signals. Therefore, BTC is likely to have a technical rebound in the next few days. So, we could look for opportunities to buy above $56,000.

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