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!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Bitcoin is trading around $81,250, above the 200 EMA and within the uptrend channel formed since April 28. On May 5, Bitcoin reached the upper band of the trend channel, setting a new monthly high around $82,842.
Since Bitcoin reached the upper band of the uptrend channel, a strong technical correction has been observed. The price is now below the 6/8 Murray line and is approaching the 21 SMA, so we could expect a technical bounce to occur around this area, which could be seen as an opportunity to buy Bitcoin above the psychological level of $80,000.
Given that the Eagle indicator shows Bitcoin has reached overbought levels, we could expect a sharp breakout from the uptrend channel and a consolidation below $80,000. This could lead to a strong technical correction toward the 200 EMA around $75,913.
The outlook for Bitcoin could turn bearish if the price continues to trade below the 6/8 Murray level, in which case the price will remain under downward pressure, and we could expect it to reach the 4/8 Murray level around $75,000 in the short term.
Based on the 61.8% Fibonacci retracement from its high of $82,842 to the low of $80,000, we could expect the BTC price to return toward $82,000; if it fails to consolidate above this level, it could be seen as a signal to sell, with targets at $80,668, $78,125, and finally $75,913.
*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.
