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 Analysis on May 14, 2025

On Tuesday, the EUR/USD pair rebounded from the support zone of 1.1074–1.1081 and reversed in favor of the euro, climbing by 110 points. Thus, the bears' joy was short-lived

Samir Klishi 11:20 2025-05-14 UTC+2

GBP/USD Analysis on May 14, 2025

On the hourly chart, the GBP/USD pair continued its upward movement on Tuesday after bouncing off the 1.3139 level. Judging by the wave structure, the bearish trend has not been

Samir Klishi 11:17 2025-05-14 UTC+2

Forex forecast 14/05/2025: EUR/USD, GBP/USD, Oil, Ethereum 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 10:01 2025-05-14 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 14, 2025.

Although on the 4-hour chart the AUD/JPY cross currency pair is still moving above the WMA (30 Shift 2) which also has a slope that is going upwards, but because

Arief Makmur 07:42 2025-05-14 UTC+2

Technical Analysis of Daily Price Movement Crude Oil Commodity Instrument, Wednesday May 14, 2025.

From what is seen on the 4-hour chart of the Crude Oil commodity instrument, there are several interesting facts, first the appearance of a Double Bottom pattern followed by Convergence

Arief Makmur 07:42 2025-05-14 UTC+2

EUR/USD Forecast for May 14, 2025

On Tuesday, the euro chose not to continue resisting market sentiment and joined the broader risk-on trend. The U.S. stock index S&P 500 rose by 0.72%, the dollar index declined

Laurie Bailey 05:03 2025-05-14 UTC+2

GBP/USD Forecast for May 14, 2025

Amid yesterday's surge in risk appetite and general market optimism (S&P 500 +0.72%, WTI +2.78%, Dollar Index -0.76%), the British pound did not attempt to test the target support

Laurie Bailey 05:03 2025-05-14 UTC+2

AUD/USD Forecast for May 14, 2025

The Australian dollar has broken above the 0.6394–0.6444 range. The signal line of the Marlin oscillator reversed upward before reaching the boundary of the bearish zone. Considering possible fluctuations, allowing

Laurie Bailey 05:03 2025-05-14 UTC+2

Trading Signals for GOLD for May 12-15, 2025: buy above $3,225 (200 EMA - 6/8 Murray)

Early in the American session, gold is trading around 3,249, rebounding after reaching the low of 3,224, which coincided with the 200 EMA. After reaching this bottom, gold is rebounding

Dimitrios Zappas 18:50 2025-05-13 UTC+2

Trading Signals for EUR/USD for May 13-19, 2025: sell below 1.1184 (200 EMA - 21 SMA)

Early in the American session, the euro is trading around 1.1171, below the 200 EMA and below the 21 SMA. On the H4 chart, we can see that the euro

Dimitrios Zappas 18:49 2025-05-13 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.