Market Strategist Ben Graham Posted 3 hours ago Market Strategist Report Share Posted 3 hours ago Bitcoin is trading around $66,076, undergoing a technical correction after reaching the psychological level of $70,000 on February 25.Bitcoin was unable to consolidate above the 3/8 Murray located around $68,750. Above this zone, the upper band of the uptrend channel converges, which puts strong pressure on Bitcoin. Now we are seeing a technical correction.BTC will likely continue to fall in the coming days until it reaches the 2/8 Murray located at $62,500.With a sharp break below the 2/8 Murray and a consolidation below the downtrend channel, we could see BTC reach the psychological level of $60,000. Moreover, it is expected to reach the 1/8 Murray around $56,500.On the contrary, if Bitcoin recovers some of its losses in the coming hours, we could expect an attempt to break the downtrend channel, and the price could reach $68,500-$70,000.The Eagle indicator is showing a negative signal, so any technical rebound, as long as the price of BTC remains below the psychological levels of $70,000, could be seen as an opportunity to continue selling.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.