empty
09.01.2024 07:10 AM
Trading Signals for Bitcoin (BTC/USD) on January 9-12, 2024: sell below $47,300 (6/8 Murray - overbought)

This image is no longer relevant

Early in the Asian session, we can observe that Bitcoin is trading around $46,756, below 6/8 Murray which represents a strong resistance, and above the 21 SMA located at $44,451.

In the last few hours, we observed on the chart that Bitcoin broke sharply the symmetrical triangle pattern formed since early January. BTC rose rapidly after consolidating above the 21 SMA and breaking the technical pattern and thus reached its high of this year for now around 47,299.52.

Before opening today, Bitcoin was trading at about 43,270. In less than 24 hours, it reached the 47,000 level, this area was last seen in May 2022. Therefore, Bitcoin gained more than 6.83%.

The optimistic catalyst for the strong demand for Bitcoin is good progress towards a BTC spot ETF market. This is generating strong optimism among crypto investors. So, if this trend continues in the coming days, the token could reach 7/8 Murray located at 48,437 and even the psychological level of $50,000.

On the other hand, technically, the eagle indicator has approached an extremely overbought zone. If Bitcoin trades below 6/8 Murray or below its high of 47,300, we could expect a technical correction towards the 23.6% Fibonacci retracement located at $45,600.

If a technical correction scenario occurs, it could favor the bulls and Bitcoin could gain momentum and could reach new highs and even exceed the psychological $50,000 level.

As long as the Bitcoin trades above the 200 EMA (42,597) and above the 21 SMA (45,700), the outlook will remain positive for the Bitcoin and any pullback towards these areas could be seen as an opportunity to resume buying.

In case Bitcoin falls around the 50% Fibonacci retracement, the level that coincides with the 21 SMA and also with the symmetrical triangle pattern that was broken, it could provide a strong technical bounce around this area and we could consider buying.

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 June 10, 2025

On Monday, the EUR/USD pair traded sideways between the levels of 1.1380 and 1.1454, forming a range. Therefore, a rebound from the support zone of 1.1374–1.1380 would favor the euro

Samir Klishi 10:33 2025-06-10 UTC+2

GBP/USD. June 10th. Unemployment Rises in the UK

On the hourly chart, the GBP/USD pair on Monday made two rebounds from the 161.8% corrective level at 1.3520 but failed to start an upward movement. Today, on Tuesday

Samir Klishi 10:21 2025-06-10 UTC+2

Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Tuesday June 10 2025.

With the appearance of the Ascending Broadening Wedge pattern followed by the appearance of the Bearish 123 pattern, it gives an indication that in the near future EUR/USD

Arief Makmur 05:59 2025-06-10 UTC+2

Technical Analysis of Intraday Price Movement of GBP/JPY Cross Currency Pairs, Tuesday June 10, 2025.

On the 4-hour chart of the GBP/JPY cross currency pair, there are several interesting things can be seen. First, the price movement is moving above the WMA (21) which

Arief Makmur 05:59 2025-06-10 UTC+2

Forecast for EUR/USD on June 10, 2025

Monday passed calmly in the markets, and the main takeaway was the restoration of risk-related correlations. The euro bounced back from the daily MACD line support for the second consecutive

Laurie Bailey 04:52 2025-06-10 UTC+2

Forecast for GBP/USD on June 10, 2025

On Monday, the British pound closed with a small gain. This pattern has become common over the past week—growth marked by small white candles, while declines occur through extended black

Laurie Bailey 04:48 2025-06-10 UTC+2

AUD/USD Forecast for June 10, 2025

The Australian dollar has shown moderate growth of more than a figure over the past 10 days, but the Marlin oscillator's reluctance to follow this upward move is causing concern

Laurie Bailey 04:46 2025-06-10 UTC+2

Trading Signals for GOLD (XAU/USD) for June 9-12, 2025: sell below $3,350 (21 SMA - 7/8 Murray)

Early in the American session, gold is trading around 3,317, rebounding after reaching a low of 3,294 during the European session. On the H4 chart, gold could continue to rise

Dimitrios Zappas 15:23 2025-06-09 UTC+2

Trading Signals for EUR/USD for June 9-12, 2025: sell below 1.1415 (21 SMA - 6/8 Murray)

We believe the euro could continue to fall as a bearish continuation pattern is forming, but we should expect it to fall below 1.1400, which could then reach the bottom

Dimitrios Zappas 15:20 2025-06-09 UTC+2

EUR/USD. Analysis and Forecast

Today, the EUR/USD pair is attracting buyers, recovering part of Friday's losses amid a weaker U.S. dollar. From a technical perspective, the EUR/USD pair is currently showing resilience below

Irina Yanina 13:57 2025-06-09 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.