08.04.202117:20 Forex Analysis & Reviews: Trading Signal for BITCOIN BTC/USD, for April 08 - 09, 2021: Market sentiment turning sour

Exchange Rates 08.04.2021 analysis

The Bitcoin BTC / USD remains for several days consolidating above the EMA of 200 around $56,250, and below $60,000, little by little the bullish sentiment is fading, and a strong correction could occur in the coming weeks.

A report by Bloomberg Intelligence strategist Mike McGlone predicted that Bitcoin could soon approach $400,000, based on past Bitcoin bullish movements.

Although it does not give a specific time frame of when that peak could be reached, the report specifies that during the next quarter the price is likely to break the resistance of $60,000 and head towards $80,000.

Although this data does not support BTC sentiment, this apparent consolidation suggests that the market is waiting for a catalyst for its next cycle either bullish or bearish, so we must be careful.

A daily close above $60,000 is likely to rise to Murray's +2/8 around $62,500. $70,000 is expected to exceed this level.

On the contrary, a daily close below $56,250, we should expect a sharp decline to await a consolidation towards the $50,000 support zone, also called a psychological level. Below this level is the strong support of $40,000.

Our recommendation is to sell below $55,800 and buy above $56,250.

Support And Resistance Levels For April 08 - 09, 2021

Resistance (1) $59,799

Resistance (2) $60,460

Resistance (3) $61,012

Support (1) $56,728

Support (2) $54,909

Support (3) $53,676

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
Can't speak right now?
Ask your question in the chat.