empty
 
 
07.11.2024 05:03 PM
Trading Signals for BITCOIN (BTC/USD) for November 7-9, 2024: sell below $75,000 (200 EMA - 8/8 Murray)

This image is no longer relevant

Early in the American selection, Bitcoin (BTC) is trading below 8/8 Murray and showing some technical correction after having reached a high of 76,470.

Technically, Bitcoin is overbought, as we see that there is a bearish pressure line. Therefore, any technical rebound will be seen as a signal to sell below the top of the bullish trend channel and below its recorded maximum.

If Bitcoin consolidates below 8/8 Murray in the next few hours, there is strong bearish pressure, which could quickly push the price down to 7/8 Murray at 71,800. BTC could even reach 6/8 Murray around 68,750.

This strong movement of Bitcoin after the US presidential elections served as a refuge for investors. However, all this could indicate that BTC could lose its value in the coming days due to profit taking and overbought levels. In view of the above, we could look for opportunities to sell below $75,000.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback