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Bitcoin hit a low of $58,700, a price level that coincided with the lower band of the downtrend channel formed since June 11 and also coincided with the -1/8 Murray level, which triggered a strong rebound, pushing the price up to $61,900.
Given that downward pressure continues for Bitcoin, technically, we could expect consolidation above the psychological level of $60,000. Otherwise, if BTC finds support around $59,375—where the Murray line is located—we could wait for this area to open long positions.
The Eagle indicator shows oversold conditions, so Bitcoin is expected to consolidate above $59,000 in the coming days. Any pullback toward this zone could present an opportunity to buy, with targets at the upper band of the downtrend channel around $64,000.
Conversely, a decisive break below $58,500 could change the outlook for Bitcoin, and we might expect it to reach the -2/8 Murray level around $55,000.
Looking at the H4 chart, we could expect a pullback to the 61.8% Fibonacci retracement level around $60,000, after which we could resume or add long positions with targets at $62,497, $63,000, and finally $64,120.
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