01.03.2024 04:05 PM
Trading Signals for BITCOIN (BTC/USD) on March 1-15, 2024: sell below $62,500 (5/8 Murray - correction!)

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Bitcoin is trading at around 62,500. This level coincides with 5/8 Murray which represents a strong range zone. Bitcoin could likely move between 63,000 and 50,000 in the coming days.

The weekly chart shows that Bitcoin has been developing a strong uptrend and is likely to continue its rise in the coming days. The price could reach the key level of 65,000 and even the $70,000 landmark.

In case BTC continues to rise in the next few hours, it is expected to reach the high of April 11, 2021, around 64,754. This level could be seen as a strong resistance and could act as a strong barrier and encounter rejection.

As seen on the weekly chart, Bitcoin is trading around the price level that acted as strong resistance in the past. As seen on the chart, BTC dropped below 64,754 in 2021 and had a strong correction of about 30K.

According to this assumption, it is likely that BTC could return towards the psychological level of $50,000 in the next few weeks and could even reach the 21 SMA located at 41,589.

Technically, our strategy could be to sell below 5/8 Murray at 62,500 with targets at 58,450, $54,000 and finally, at 4/8 Murray at about $50,000.

In case BTC reaches the high of 2021 at around 64,700 and fails to consolidate above this area, it could also be seen as a signal to sell.

Dimitrios Zappas,
Analytical expert of InstaForex
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