Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Bitcoin is trading around $87,891 after a sharp drop to $84,323 yesterday during the US session. We are now seeing a recovery and consolidation above the 2/8 Murray and above the 21 SMA, indicating a possible breakout from the downtrend channel.
According to the H4 chart, we can see that Bitcoin has formed a double bottom pattern, which could indicate that Bitcoin could rebound to $93,750 in the future and even return to the psychological level of $100,000.
Meanwhile, we can see that the instrument is within the downtrend channel formed since December 8. So, if it reaches $88,700 and tries unsuccessfully to break this zone, it could be seen as an opportunity to open short positions.
On the contrary, if Bitcoin breaks decisively and consolidates above $89,250, it could be seen as a positive sign, and it could reach the 200 EMA around $91,550 in the short term or even reach 3/8 Murray around $93,750.
Given that Bitcoin has recovered rapidly in recent hours, a technical correction is likely. If the price returns below $87,500, it could be seen as a negative signal, and Bitcoin could once again reach the bottom of the downtrend channel around $82,500 and could even reach the 1/8 Murray around $81,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
