empty
 
 
06.06.2022 05:51 AM
Trading Signal for Bitcoin (BTC/USD) on June 6-7, 2022: buy above $29,815 (21 SMA )

This image is no longer relevant

Bitcoin is trading around 30,887 after reaching the support of the uptrend channel formed on May 11. BTC is above the 21 SMA which adds a positive outlook. It is likely that it could reach the top of the downtrend channel around 32,300 in the coming days.

On the daily chart, BTC formed a downtrend channel on March 24. We have seen three unsuccessful attempts to break this channel, pushing Bitcoin lower. In the event it fails to break the top of the bearish channel, we could see a new bearish sequence which could reach the support 0/8 Murray around 25,000.

In case bitcoin breaks the downtrend, channel and consolidates above 32,300, there could be an acceleration to the 3/8 Murray at 34,375. It could even reach the 200 EMA located at 39,492.

The downtrend channel represents a strong barrier. A break above this channel could change the outlook in the short to medium term. We could expect bitcoin to rally towards the psychological level of 40,000.

Conversely, a break of the support level of 29,500 will signal a resumption of the downtrend and will invalidate the short-term bullish outlook. If so, BTC may decline to 25,333, the low of May 12.

Our trading plan for the next few hours is to buy BTC above 29,700 with targets at 31,500 and 32,300. A sharp break above 32,300 will be a signal to continue buying, with targets at 34,350 and 39,492. The eagle indicator is showing a positive signal which supports our bullish strategy.

Summary
Urgency
Analytic
Dimitrios Zappas
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback