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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.
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