empty
09.02.2024 03:19 PM
Trading Signals for BITCOIN (BTC/USD) on February 9-12, 2024: sell below $48,437 (overbought - 7/8 Murray)

This image is no longer relevant

Bitcoin (BTC) reached its monthly high of 46,754 and returned to January 11 price levels, with an increase of 3.8% in 24 hours.

According to the daily chart, Bitcoin reached the top of the bullish trend channel forming since December 21. A technical correction is likely to occur in the coming hours and the price could reach the $46,000 area. This level could give new bullish momentum to Bitcoin and it is likely to reach the psychological level of $50,000 in the coming days.

If Bitcoin falls below 46,000, a deeper technical correction will follow and the instrument could decline to the bottom of the uptrend channel around 44,900 or the weekly pivot located at 4/8 Murray around 43,750.

According to the H4 chart, Bitcoin reached an extremely overbought level. So, a technical connection is imminent in the next few hours.

In the short term, as long as Bitcoin trades below 7/8 Murray located at 48,437, there is a strong probability of a technical correction. Below this level, we can sell with targets at 46,000 and 43,750.

On the daily chart, we can see that BTC has been in a strong bullish trend for four days. Today Bitcoin broke all records, rapidly surpassing the psychological level of $45,000 from the opening of the session to almost reaching the level of 48,000.

Bitcoin could offer good opportunities to buy, but for this, we should wait for it to consolidate around $46,000. Then, we could buy with targets at 47,300, 48,400 and finally at $50,000.

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

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

Forecast for EUR/USD on June 9, 2025

On Friday, the EUR/USD pair declined to the support zone of 1.1374–1.1380, rebounded, and turned in favor of the euro. On Monday, a new upward movement began toward the 76.4%

Samir Klishi 13:53 2025-06-09 UTC+2

Forecast for GBP/USD on June 9, 2025

On the hourly chart, the GBP/USD pair continued its decline on Friday and reached the 161.8% Fibonacci correction level at 1.3520. A rebound from this level favored the British pound

Samir Klishi 13:45 2025-06-09 UTC+2

Forex forecast 09/06/2025: EUR/USD, GBP/USD, USD/JPY, Gold 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 12:06 2025-06-09 UTC+2

EUR/USD Forecast for June 9, 2025

Moderately optimistic US employment data revived the dollar, causing it to rise by 0.44%. The euro dropped by 50 pips. A divergence with the stock market occurred as the S&P

Laurie Bailey 05:15 2025-06-09 UTC+2

GBP/USD Forecast for June 9, 2025

On Friday, as the US dollar index strengthened by 0.44%, the British pound dropped by 42 pips. However, the Marlin oscillator remains stable, supported from below by the zero line

Laurie Bailey 05:07 2025-06-09 UTC+2

USD/JPY Forecast for June 9, 2025

In the previous yen analysis, we mentioned that the 145.08 level serves as an intermediate barrier to the main target of 146.11. However, by this morning, the situation

Laurie Bailey 05:07 2025-06-09 UTC+2

USD/CAD. Analysis and Forecast

The pair is attempting to attract buyers, but spot prices remain close to a yearly low and appear vulnerable to further decline. The Canadian dollar is supported by reports

Irina Yanina 15:33 2025-06-06 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.