empty
09.02.2024 03:19 PM
Trading Signals for BITCOIN (BTC/USD) on February 9-12, 2024: sell below $48,437 (overbought - 7/8 Murray)

This image is no longer relevant

Bitcoin (BTC) reached its monthly high of 46,754 and returned to January 11 price levels, with an increase of 3.8% in 24 hours.

According to the daily chart, Bitcoin reached the top of the bullish trend channel forming since December 21. A technical correction is likely to occur in the coming hours and the price could reach the $46,000 area. This level could give new bullish momentum to Bitcoin and it is likely to reach the psychological level of $50,000 in the coming days.

If Bitcoin falls below 46,000, a deeper technical correction will follow and the instrument could decline to the bottom of the uptrend channel around 44,900 or the weekly pivot located at 4/8 Murray around 43,750.

According to the H4 chart, Bitcoin reached an extremely overbought level. So, a technical connection is imminent in the next few hours.

In the short term, as long as Bitcoin trades below 7/8 Murray located at 48,437, there is a strong probability of a technical correction. Below this level, we can sell with targets at 46,000 and 43,750.

On the daily chart, we can see that BTC has been in a strong bullish trend for four days. Today Bitcoin broke all records, rapidly surpassing the psychological level of $45,000 from the opening of the session to almost reaching the level of 48,000.

Bitcoin could offer good opportunities to buy, but for this, we should wait for it to consolidate around $46,000. Then, we could buy with targets at 47,300, 48,400 and finally at $50,000.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD – March 18th: Christine Lagarde Warns the U.S.

On Monday, the EUR/USD pair once again moved toward the 1.0944 level, but this time, bulls failed to reach this target. As a result, no new trading signals were generated

Samir Klishi 10:30 2025-03-18 UTC+2

Forex forecast 18/03/2025: EUR/USD, GBP/USD, USD/CAD, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:16 2025-03-18 UTC+2

GBP/USD – March 18: Will the FOMC Help the Dollar?

On the hourly chart, GBP/USD rebounded from the 1.2931 level on Monday and resumed its upward movement toward the 127.2% Fibonacci level at 1.3003. A rejection from this level would

Samir Klishi 10:03 2025-03-18 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Tuesday March 18, 2025.

In the 4-hour chart of the Gold commodity instrument, Convergence is visible, which confirms that in the near future Gold has the potential to strengthen even though because the Stochastic

Arief Makmur 08:17 2025-03-18 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday March 18, 2025

If we look at the 4-hour chart, the EUR/JPY cross currency pair appears to be moving harmoniously in the Bullish Pitchfork channel, which indicates that the bias of EUR/JPY

Arief Makmur 08:01 2025-03-18 UTC+2

EUR/USD Forecast for March 18, 2025

The extended Federal Reserve meeting on monetary policy is approaching, so we cannot yet conclude that yesterday's 0.64% rise in the S&P 500, the 0.32% drop in the dollar index

Laurie Bailey 03:37 2025-03-18 UTC+2

GBP/USD Forecast for March 18, 2025

On Monday, the pound rose by 53 pips and is now testing the resistance level at 1.3001. A breakout above this level would propel the pound's growth toward 1.3101. However

Laurie Bailey 03:37 2025-03-18 UTC+2

USD/JPY Forecast for March 18, 2025

This morning, the yen reached the 149.38 level, which coincides with the 23.6% Fibonacci retracement. This level is significant as it suggests a potential reversal into a new wave

Laurie Bailey 03:37 2025-03-18 UTC+2

Trading Signals for BITCOIN for March 17-19, 2025: sell below $85,000 (21 SMA - 200 EMA)

The key point for selling Bitcoin is to wait for it to reach $87,500 to $88,500, both of which could be good points to sell with short-term targets around $80,000

Dimitrios Zappas 15:16 2025-03-17 UTC+2

Trading Signals for EUR/USD for March 17-19, 2025: buy above 1.0875 (+1/8 Murray - 21 SMA)

Early in the American session, the EUR/USD pair was trading around 1.0895, above the 21 SMA, and above the 8/8 Murray, with a bullish bias. The euro is expected

Dimitrios Zappas 14:56 2025-03-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.