empty
13.02.2024 05:52 AM
Trading Signals for BTC/USD (Bitcoin) on February 13-15, 2024: sell below $50,000 (overbought - 8/8 Murray)

This image is no longer relevant

Bitcoin is trading around the psychological level of $50,000, near 8/8 Murray, and above the 21 SMA. Technically and according to the H4 chart, we observe that Bitcoin is showing strongly overbought signs, hence a technical correction is imminent in the next few days. The key for this scenario to occur for BTC is to consolidate below $50,000.

Bitcoin reached a new high at 50,316.93, the level last seen on December 27, 2021. BTC tried to reach the level of 50,000 in early January, but could not achieve it. This February, it resumed its bullish cycle from the low of 38,500 to the high of 50,300, accumulating a gain of more than 29%. If bullish strength continues, BTC is likely to face the next resistance around 51,562 (+1/8 Murray).

In the next few hours, we expect Bitcoin to trade below 8/8 Murray which could be seen as a signal to sell and we could expect it to reach the first support around 48,437.

The eagle indicator reached an extremely overbought level. So, a technical correction is imminent in the coming days. If BTC trades below the psychological level of $50,000, it could be a key selling point.

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. March 20th. Bears Failed to Regain Control Once Again

On Wednesday, the EUR/USD pair rebounded from the 1.0944 level for the third time and reversed in favor of the U.S. dollar, declining toward the 200.0% Fibonacci level at 1.0857

Samir Klishi 10:41 2025-03-20 UTC+2

Forecast for GBP/USD on March 20, 2025

On the hourly chart, the GBP/USD pair rebounded from the 127.2% Fibonacci retracement level at 1.3003 on Wednesday, followed by a slight decline. Shortly after, the pair returned to 1.3003

Samir Klishi 10:36 2025-03-20 UTC+2

GBP/USD: Pound Losing Significant Bullish Momentum

The British currency has recently gained significantly against the dollar due to two key factors: the weakness of the U.S. currency amid recession risks in America and uncertainty about

Pati Gani 10:25 2025-03-20 UTC+2

Technical Analysis of Intraday Price Movement GBP/CHF Cross Currency Pairs, Thursday March 20, 2025.

Currently on the 4-hour chart, the GBP/CHF cross currency pair is seen moving in a Sideways condition, this can be seen from the WMA (30 Shift 2) moving through

Arief Makmur 07:23 2025-03-20 UTC+2

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday March 20, 2025.

As seen on the 4-hour chart, the Nasdaq 100 index appears to have 3 interesting things, namely the first is the appearance of a Bullish 123 pattern, the second

Arief Makmur 07:23 2025-03-20 UTC+2

GBP/USD Forecast for March 20, 2025

Yesterday, the pound sterling closed at the opening level, targeting 1.3001. This allowed the price to start today with a quiet upward movement above this level. The Marlin oscillator successfully

Laurie Bailey 03:37 2025-03-20 UTC+2

EUR/USD Forecast for March 20, 2025

The Federal Reserve meeting has concluded, and our expectation that economic risks would be highlighted was correct. Both the accompanying statement and Powell's speech emphasized these concerns. The central bank

Laurie Bailey 03:37 2025-03-20 UTC+2

USD/JPY Forecast for March 20, 2025

Yesterday's Bank of Japan and Federal Reserve meetings were uneventful, but they did not provide any reasons for the yen to weaken against the dollar. Instead, the yen's strengthening trend

Laurie Bailey 03:37 2025-03-20 UTC+2

Trading Signals for EUR/USD for March 19-21, 2025: sell below 1.0900 (+2/8 Murray + 21 SMA)

If the euro falls and consolidates below 1.09 and below the 21 SMA in the coming hours, this could be seen as an opportunity to sell with targets at 1.0830

Dimitrios Zappas 14:01 2025-03-19 UTC+2

Trading Signals for GOLD (XAU/USD) for March 19-21, 2025: sell below $3,045 (+2/8 Murray + 21 SMA)

A consolidation below $3,045 could mean a technical correction toward the psychological level of $3,000. Therefore, we will look for shorting opportunities in the coming days as long

Dimitrios Zappas 14:00 2025-03-19 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.