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 $78,391, rebounding after hitting the Murray 3/8 low, a level that coincided with the bottom of the downtrend channel formed in early January.
BTC/USD hit a low of $75,000 during Monday's US session, and since then we have seen a technical rebound.
A further technical rebound is expected in the coming days, and we could expect BTC to reach the 5/8 Murray level at $81,000. However, for this to happen, Bitcoin needs to consolidate above the 21 SMA located around $79,452.
A recovery of Bitcoin above $81,000 could favor an upward move, and we could expect it to reach the upper band of the downtrend channel, around $86,000.
BTC could even find strong resistance around the 6/8 Murray level and the 200 EMA, as both levels coincide in this area.
If bearish pressure prevails, we could expect Bitcoin to continue its downward movement and potentially see a strong break below the 4/8 Murray level, around $75,000. This could trigger a sharp downward acceleration towards $70,000.
Our strategy remains bullish on Bitcoin, as long as the price consolidates above $75,000. Therefore, any pullback or technical rebound above this zone will be considered an opportunity to enter long positions, with targets at $81,000 and $86,000.
*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.
