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Early in the European session, Bitcoin (BTC/USD) is trading above the psychological level of $100,000 and above the 21 SMA and 200 EMA. The crypto is likely to see an upside move in the coming days and could reach 7/8 Murray at 109,375.
Bitcoin has a bearish trend channel forming since January 19. It is likely that if it consolidates above $105,000, it could extend its bullish movement so that the price could reach 106,250, 109,375 and even 8/8 Murray at 112,500.
On the contrary, if Bitcoin falls below 103,500 or below 5/8 of Murray, we could expect the bearish cycle to resume and the price could reach 102,226 (21 SMA) and even the bottom of the bearish trend channel around 3/8 of Murray located at 96,875.
Bitcoin is at a key point as we could expect a recovery in the next few days and it could reach the $110,000 area. However, in the medium term, Bitcoin is expected to reach the $80,000 level, as technically a strong overbought trend is observed on weekly charts.
Our trading plan for the next few hours is to sell Bitcoin if it breaks below the downtrend channel around $104,000, with targets at 102,200, 100,230 and finally, 96,875.
*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।
