empty
01.02.2024 03:28 PM
Trading Signals for BITCOIN (BTC/USD) on February 1-3, 2024: sell below $42,800 (21 SMA - 200 EMA)

This image is no longer relevant

Early in the American session, Bitcoin is trading around 42,120, below the 200 EMA, and below 3/8 Murray with a strong technical correction. On the H4 chart, we can see that Bitcoin tried to break the 4/8 Murray zone on more than four occasions, which has now become strong resistance.

Given that Bitcoin failed to consolidate above 43,750, it consequently made a strong technical correction. The token is expected to continue its decline in the coming days so that it may reach 2/8 Murray around the psychological level of $40,000.

The technical chart shows that Bitcoin is under extreme pressure. Besides, the eagle indicator is showing a bearish signal because the instrument reached the strong overbought zone on January 31. Bitcoin is expected to extend its weakness in the coming days. Its price could reach the low of January 23 at about 38,750.

On the other hand, if BTC consolidates above 42,250, we could expect a small recovery but the price should face the next dynamic resistance around the 21 SMA located at 42,800.

If Bitcoin consolidates above $43,000, the bullish cycle will likely resume. Therefore, the token could gain momentum, break 43,750 and finally, could reach the psychological level of $45,000.

Our trading plan for the next few hours is to sell Bitcoin in case it tries to break 42,800 or below 43,000. Below this area, there is strong bearish pressure and BTC is likely to reach $40,000 in the next few days. Above 43,750 we should avoid selling as Bitcoin could gain strong momentum and we should accept our losses.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Dimitrios Zappas
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

XAU/USD. Analysis and Forecast

On Monday, intraday declines pushed gold prices below the 3365 level, but oscillators on the daily chart have not yet started to gain negative momentum. This suggests that the precious

Irina Yanina 19:34 2025-08-11 UTC+2

Trading Signals for EUR/USD for August 11-15, 2025: sell below 1.1650 (200 EMA - 7/8 Murray)

Early in the American session, the euro is trading around 1.1590. After a failed breakout of the downtrend channel, EUR/USD fell below the 21 SMA and below the 7/8 Murray

Dimitrios Zappas 17:54 2025-08-11 UTC+2

Trading Signals for GOLD (XAU/USD) for August 11-15, 2025: sell below $3,380 or buy if rebound 3,341 (21 SMA - 7/8 Murray)

The eagle indicator is showing a negative signal, so we must be very cautious if we are buying, as the bearish force is likely to intensify in the coming hours

Dimitrios Zappas 17:51 2025-08-11 UTC+2

Forecast for EUR/USD on August 11, 2025

On Friday, EUR/USD made two rebounds from the 1.1637–1.1645 support zone and turned in favor of the euro. This means the upward movement could continue today toward the 76.4% Fibonacci

Samir Klishi 10:44 2025-08-11 UTC+2

Forecast for GBP/USD on August 11, 2025

On the hourly chart, GBP/USD on Friday made two rebounds from the 1.3425 level, and on Monday continues moving upward toward the 76.4% retracement level at 1.3470. A rebound from

Samir Klishi 10:25 2025-08-11 UTC+2

Forex forecast 11/08/2025: EUR/USD, USD/JPY, GBP/USD, Gold, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:20 2025-08-11 UTC+2

GBP/USD. Technical Analysis for the Week of August 11–16

Trend Analysis This week, from the 1.3450 level (close to the last weekly candle), the price may start moving downward toward 1.3270 – a historical support level (blue dotted line)

Stefan Doll 10:02 2025-08-11 UTC+2

EUR/USD. Technical Analysis for the Week of August 11–16

Last week, the pair moved upward, almost testing the historical resistance level at 1.1710 (blue dotted line), and then turned downward, closing the weekly candle at 1.1641. In the coming

Stefan Doll 09:55 2025-08-11 UTC+2

GBP/USD. Indicator Analysis on August 11, 2025

On Friday, the pair moved downward, tested the 61.8% retracement level at 1.3416 (red dotted line), and then rose, closing the daily candle at 1.3450. Today, the price will attempt

Stefan Doll 09:53 2025-08-11 UTC+2

EUR/USD. Indicator Analysis on August 11, 2025

On Friday, the pair moved downward, almost testing the 23.6% retracement level at 1.1626 (blue dotted line), after which the price rose slightly and closed the daily candle at 1.1641

Stefan Doll 09:40 2025-08-11 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.