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Bitcoin is trading around $62,387, having rebounded after touching the lower band of the uptrend channel formed since early July, and is likely to consolidate above the 0/8 Murray level in the coming hours to resume its uptrend.
During Wednesday's US trading session, BTC hit a low of 61,500. If BTC returns to this level in the coming hours and breaks decisively below the uptrend channel, we could expect Bitcoin's decline to continue, potentially reaching $59,375 or even the -2/8 Murray level at around $56,250.
A consolidation of Bitcoin above $62,500 could signal a positive trend, so we should keep a close eye on this area. If the price consolidates above this zone, we could consider buying with targets at the 200 EMA, around $63,700, and ultimately around the Murray 1/8 level at $65,625.
Conversely, if bearish momentum prevails and Bitcoin consolidates below the 0/8 Murray level, the outlook could turn negative. We should wait for confirmation of a breakout from the uptrend channel, after which we could sell with targets at $59,000 and $56,000.
The Eagle indicator has reached overbought levels and, technically, is showing a negative signal, so the outlook for Bitcoin remains bearish over the next few days until it reaches a low of at least $59,000 or $56,000.
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