empty
24.01.2024 04:32 PM
Trading Signals for BTC/USD (Bitcoin) on January 24-26, 2024: sell below $40,635 (21 SMA - 2/8 Murray)

This image is no longer relevant

Early in the American session, Bitcoin is trading around 39,941 and below a downtrend channel, forming since January 10. Yesterday in the American session, Bitcoin fell to a low of 38,489, a level that coincided with the bottom of the trending channel.

In the chart, we can see that once BTC touched the bottom of the bearish channel, a strong technical rebound occurred, reaching the psychological level of $40,000.

If Bitcoin consolidates above 40,600 (2/8 Murray) in the next few hours, we could expect it to begin a more sustained recovery and the price could reach the 200 EMA at 42,439 in the short term and could even reach 4/8 Murray located at 43,700.

If Bitcoin continues to trade within the downtrend channel in the next few hours, the bearish cycle is likely to resume and it could be seen as an opportunity to sell below 40,600 with the targets at 1/8 Murray located at 39,062. BTC could even reach 0/8 Murray located at 37,500.

The main trend remains bearish for Bitcoin. Therefore, the most efficient strategy could be to sell below the top of the downtrend channel. The trend could reverse if BTC consolidates above 40,700. The eagle indicator is giving a negative signal. So, Bitcoin is likely to reach 37,000 in the coming days.

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

Forecast for EUR/USD on March 19, 2025

On Tuesday, the EUR/USD pair retested the 1.0944 level twice and encountered two rejections, leading to a reversal in favor of the U.S. dollar and initiating a new decline towards

Samir Klishi 10:46 2025-03-19 UTC+2

GBP/USD. March 19th. The British Pound Prepares for a Decline

On the hourly chart, the GBP/USD pair rallied to the 127.2% Fibonacci retracement level at 1.3003 on Tuesday, encountering two rejections at this level. As a result, a reversal

Samir Klishi 10:43 2025-03-19 UTC+2

Technical Analysis of Intraday Price Movement of Silver Commodity Instrument, Wednesday March 19, 2025.

Although on the 4-hour chart, the Silver commodity instrument is seen moving in a Bullish condition where this is indicated by its price movement moving above the EMA (21)

Arief Makmur 06:04 2025-03-19 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday March 19, 2025.

On the 4-hour chart, the AUD/JPY cross currency pair appears to be moving in a strengthening condition, which is indicated by its price movement moving harmoniously within the Bullish Pitchfork

Arief Makmur 06:04 2025-03-19 UTC+2

EUR/USD and GBP/USD March 19 – Technical Analysis

The pair is currently testing the upper boundaries of the monthly Ichimoku cloud at 1.0943 and the weekly cloud at 1.0946. If buyers can consolidate in the bullish zone relative

Evangelos Poulakis 05:36 2025-03-19 UTC+2

EUR/USD Forecast for March 19, 2025

We've arrived at the key event of the week—the Federal Reserve's monetary policy decision. The interest rate is expected to remain unchanged, but we are eager to see what Jerome

Laurie Bailey 04:05 2025-03-19 UTC+2

GBP/USD Forecast for March 19, 2025

The British pound has paused and strengthened at the target level of 1.3001 ahead of today's Federal Reserve meeting. The technical analysis indicates that the uptrend remains dominant, with

Laurie Bailey 04:05 2025-03-19 UTC+2

Oil Forecast for March 19, 2025

Yesterday, oil prices demonstrated significant volatility, with a sharp decline from the resistance level of 68.69, dropping below the support level of 66.77. This trend suggests further price declines, targeting

Laurie Bailey 04:05 2025-03-19 UTC+2

Trading Signals for GOLD (XAU/USD) for March 18-20, 2025: sell below $3,037 (+2/8 Murray + W_R1)

Early in the American session, gold was trading at 3,029.38, above the +1/8 Murray level, reaching overbought levels and above the psychological level of $3,000. Market fears are driving

Dimitrios Zappas 17:08 2025-03-18 UTC+2

EUR/USD – March 18th: Christine Lagarde Warns the U.S.

On Monday, the EUR/USD pair once again moved toward the 1.0944 level, but this time, bulls failed to reach this target. As a result, no new trading signals were generated

Samir Klishi 10:30 2025-03-18 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.