The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Bitcoin is trading around $61,487, after undergoing a sharp technical correction following its rise to the 200-day EMA around $63,870.
Since Bitcoin is consolidating below the Murray 0/8 line and the 21-period simple moving average (SMA), and is also trading below the 200-period exponential moving average (EMA), it could face downward pressure in the coming days and retest the June 30 low of around $57,700.
On the H4 chart, we can see that Bitcoin has been trading within a bullish channel that has been forming since early July. This has led it to reach the upper band of the bullish channel, which also coincided with the 200-period exponential moving average (EMA)—a strong resistance level. From that area, the price failed to break above $64,000, triggering a sharp decline.
Bitcoin could find strong support around the lower band of the uptrend channel, at $60,400; this area could be considered a good point to open long positions and expect it to reach $62,500 in the coming days; it could even reach the Murray 1/8 level, around $65,625.
A sharp break below the psychological $60,000 level could push Bitcoin down to $57,000. The price could even reach the Murray -2/8 level, around $55,000.
The Eagle indicator reached overbought levels on July 4, and the sharp decline technically pointed to a correction. Therefore, following this downward move, BTC could resume its uptrend as long as the price consolidates above the psychological level of $60,000.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
