empty
 
 
12.08.2024 06:03 PM
Trading Signals for BITCOIN (BTC/USD) for August 12-15, 2024: sell below $62,500 (200 EMA - 4/8 Murray)

This image is no longer relevant

Bitcoin is trading at about 59,375 within a symmetrical triangle pattern forming since August 7. The crypto is likely to consolidate below the 200 EMA and above $58,000.

The BTC price is expected to trade above or around the psychological level of $60,000 in the next few days. Therefore, Bitcoin could be preparing for a bullish or bearish scenario.

The symmetrical triangle pattern could confirm the sideways movement of Bitcoin for the next few days. So, we could look for opportunities to buy in case Bitcoin consolidates above the 200 EMA located at 61,843 and above 4/8 Murray located at 62,500. Then, it could reach the psychological level of $70,000.

In case Bitcoin falls below the pattern, we could expect a trend reversal. The key for the BTC price is to consolidate below $58,000 and even below 6/8 Murray. There is a strong probability that BTC could fall below 56,250. Then, it could reach 0/8 Murray located at $50,000.

Our strategy for the next few days could be to buy and sell Bitcoin within the channel within the symmetrical triangle pattern. On the other hand, whenever BTC trades below 62,500, the outlook will remain negative and we could look for opportunities to sell.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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