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Bitcoin is trading around $74,687 following a strong upward move and a gain of more than 20% over the past few days. On August 16, Bitcoin was trading around $62,500, and so far, it has gained more than $13,000, which means it is entering an overbought zone.
Bitcoin reached the psychological level of $75,000 and, in turn, hit the upper band of the uptrend channel around $75,700. Therefore, Bitcoin will likely consolidate below this zone in the coming hours, and we could expect the price to continue rising in the coming days, potentially reaching $76,800.
Given that the Eagle indicator has reached 95 points, we believe a technical correction could occur in the coming hours. Therefore, we should monitor Bitcoin's price; as long as it remains below the 8/8 Murray level around $75,000, this could be considered an opportunity to open short positions.
We will look for opportunities to sell below $75,000 with targets at $71,000 and ultimately expect it to reach $68,750.
If the price breaks above $75,000, we must be very cautious, as the upward pressure and momentum could continue to drive Bitcoin's gains; we could expect it to reach $76,880 or even the psychological level of $80,000.
Our trading plan for the next few hours will be to monitor whether BTC remains below 8/8 Murray. This will be a key zone for selling; if it breaks below it, our strategy will be to open short positions, expecting a correction down to the 61.8% Fibonacci level around $68,750.
*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।
