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Early in the American session, Bitcoin (BTC/USD) is trading around 98,472, above the 21 SMA, and below the bearish trend channel forming since December 3, showing some recovery.
Bitcoin has always moved within trend channels. So, we believe that there could be a technical correction below 99,500. Thus, the price could reach the 96,400 area.
Technically, we expect a range of price movements between $100,000 and $95,000. Once a sharp break of the bearish channel occurs, then BTC could reach +1/8 Murray located at 106,250.
On the other hand, a sharp break of the symmetrical triangle pattern and consolidation below $95,000 could lead to a drop towards the 200 EMA located at 92,131. The final target to reach is $87,500 around 6/8 of Murray.
Technically, Bitcoin should correct 20% to 30% from the current price level. So, we believe that Bitcoin could reach the levels of 80,000 or $70,000 in the next few weeks or next year.
Our trading plan for the next few days is to sell Bitcoin within the symmetrical triangle pattern or below the psychological level of $100,000 with a target at $92,000. We may buy above this area with a target at 106,250.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
