empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

02.02.202415:39 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) on February 2-6, 2024: buy above $42,200 (21 SMA - 200 EMA)

Exchange Rates 02.02.2024 analysis

Bitcoin is trading at $43,121, bouncing after reaching the bottom of the uptrend channel around $41,800. According to the H4 chart, Bitcoin is within an uptrend channel formed since January 22, consolidating above the 200 EMA, which favors a positive outlook.

Above 42,990, BTC could reach 4/8 Murray at 43,750 (4/8 Murray) and finally, it could climb to 45,312. This level is the key and Bitcoin could face overbought levels. The token could come under strong bearish below 5/8 Murray.

On the contrary, if Bitcoin returns and falls below 3/8 Murray and below 42,309, we could expect a change in the trend. A sharp break of the uptrend channel could be seen as an opportunity to sell and Bitcoin could approach the psychological level of $40,000 and could even reach 1/8 Murray at 39,062.

We expect that BTC will continue consolidating above the 200 EMA (42,309) in the coming days. So, any technical rebound above this area could favor bullish momentum with the target at $45,000.

The eagle indicator is approaching overbought levels. If Bitcoin fails to break and consolidate above the key area of 4/8 Murray located at $43,750, it could be seen as a clear signal to sell. In case of intensifying its fall and if BTC trades below 42,200, a lower target is seen at $39,000.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

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.

Can't speak right now?
Ask your question in the chat.