10.05.202415:47 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for May 10-15, 2024: buy above $62,500 (21 SMA - 4/8 Murray)

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Bitcoin (BTC/USD) is trading around 63,207, above the 21 SMA, and within the uptrend channel forming since April 30.

On Thursday, the crypto reached the low of 60,500, the level that coincided with the bottom of the uptrend channel which gives us a positive outlook for Bitcoin as it could continue its rise in the coming days and reach 5/8 of Murray located at 65,650. Eventually, it could reach the top of the uptrend channel at about 67,500.

In case Bitcoin makes a technical correction in the next hours, this could be seen as an opportunity to buy. If BTC consolidates above 62,500, it will be seen as a good point for our buy orders.

In case Bitcoin falls and tests the bottom of the uptrend channel around 61,300 and a technical rebound occurs above this area, it will be a clear confirmation for a resumption of the bullish cycle. Thus, we could buy above 61,500 with targets at 65,625 and at $67,000.

Bitcoin could lose its positive outlook if it falls below $61,000. Additionally, Bitcoin could gain more bullish strength if the price consolidates above the 200 EMA located at 63,756.

For this weekend, we expect a positive scenario for Bitcoin. For this, we could pay attention to the level of 63,756 since Bitcoin could easily exceed this area and reach $68,750.

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