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 $64,202 within a downtrend channel that has been forming since July 19, near the 21 SMA and the 200 EMA, with a positive bias. Therefore, we expect it to continue rising in the coming hours.
If Bitcoin consolidates above $64,250 in the coming hours, this could be seen as a positive signal, and we could buy with targets at the upper band of the downtrend channel around $65,150.
A decisive break above the downtrend channel and consolidation above $65,000 could be seen as a positive signal to buy Bitcoin, with targets at the July 25 high around $66,625, the July 20 high around $66,920, and finally around the 2/8 Murray level at $68,750.
Conversely, if Bitcoin encounters the 200 EMA zone as strong resistance, we could expect the downtrend to continue, potentially reaching the 0/8 Murray level around $62,500.
The Eagle indicator is showing a positive signal, and we expect Bitcoin to continue rising in the coming days. It could even reach the psychological level of $70,000.
Our trading plan for the next few hours will be to buy above the 200 EMA or sell below this zone.
*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.
