empty
11.01.2024 02:40 PM
Trading Signals for BITCOIN (BTC) on January 11-12, 2024: buy above $46,200 (21 SMA - 6/8 Murray)

This image is no longer relevant

Early in the American session, Bitcoin is trading around 46,729 above the 21 SMA and bouncing after it reached a daily high of around 47,673 yesterday, a level that coincided with the top of the uptrend channel. From there, it made a strong technical correction that coincided with the bottom of the uptrend channel.

This makes us think that Bitcoin still has the possibility of a further rise in the coming days. For this, the key could be to buy at support levels or while trading within the bullish trend channel.

In the next few hours, we expect Bitcoin to continue rising but for this, it should consolidate above 6/8 Murray (46,875). Then, it could reach the previous high of 47,668. If the bullish force prevails, it could reach 7/8 Murray at 48,437.

On the other hand, in case Bitcoin falls below the 21 SMA and consolidates below $46,000, we could expect a technical correction since a break could occur in the uptrend channel and the instrument could reach 5/8 Murray located at 45,835 and even reach 200 EMA at 44,970, the psychological level of $45,000.

We believe that Bitcoin still has bullish potential as we observe that the eagle indicator is giving a positive signal. So, BTC is likely to rise until the price finds a strong resistance zone around 47,000 or 48,500.

According to the technical chart, we could buy at the current price levels of around 46,779, with targets at 47,400, 47,800, and 48,437. On the other hand, because this instrument is very volatile, we could always consider the risks involved in operating this asset. Thus, we should admit the loss if the price leaves the technical levels we have mentioned.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

EUR/USD. March 25th. A Dull Week Ahead

On Monday, the EUR/USD pair rebounded from the 200.0% Fibonacci retracement level at 1.0857, reversed in favor of the U.S. dollar, and declined toward the support zone of 1.0781–1.0797

Samir Klishi 18:04 2025-03-25 UTC+2

GBP/USD. March 25th. The Pound Moves Into a Sideways Range

On the hourly chart, the GBP/USD pair consolidated above the 1.2931 level on Monday, but the bulls failed to sustain the upward move and retreated. The pair subsequently moved back

Samir Klishi 17:58 2025-03-25 UTC+2

Trading Signals for GOLD (XAU/USD) for March 25-27, 2025: buy above $3,024 (21 SMA - 7/8 Murray)

Early in the American session, gold is trading around 3,021, below the 21-SMA, within the bearish trend channel forming since March 19. On the H4 chart, we can see that

Dimitrios Zappas 14:00 2025-03-25 UTC+2

Forex forecast 25/03/2025: EUR/USD, USD/CAD, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:56 2025-03-25 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday March 25, 2025.

From what is seen on the 4-hour chart of the EUR/JPY cross currency pair, it is clearly visible that EUR/JPY is moving in a strengthening condition, which is indicated

Arief Makmur 07:19 2025-03-25 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Tuesday March 25,2025.

If we look at the 4-hour chart of the Gold commodity instrument, a Bearish 123 pattern appears followed by several Bearish Ross Hook (RH) and is also confirmed

Arief Makmur 07:19 2025-03-25 UTC+2

EUR/USD Forecast for March 25, 2025

On Monday, the euro declined by 14 pips. An attempt to reverse upward was made. A repeat attempt is possible today and may be more successful, although the support level

Laurie Bailey 04:59 2025-03-25 UTC+2

GBP/USD Forecast for March 25, 2025

Yesterday, the British pound rose by four pips, pushing the Marlin oscillator lower and bringing it to touch the zero line. We can now expect the upward signal to solidify

Laurie Bailey 04:59 2025-03-25 UTC+2

AUD/USD Forecast for March 25, 2025

The Australian dollar avoided breaking below the lower boundary of the sideways trend range and rose by 11 pips yesterday. However, the daily-scale balance indicator line (the red moving average)

Laurie Bailey 04:59 2025-03-25 UTC+2

Trading Signals for GOLD (XAU/USD) for March 24-27, 2025: sell below $3,032 (21 SMA - overbought)

Early in the American session, gold is trading at 3,026, below the 21st SMA and below the 7/8 Murray level. We expect consolidation below this area in the coming hours

Dimitrios Zappas 16:44 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.