empty
24.01.2024 04:32 PM
Trading Signals for BTC/USD (Bitcoin) on January 24-26, 2024: sell below $40,635 (21 SMA - 2/8 Murray)

This image is no longer relevant

Early in the American session, Bitcoin is trading around 39,941 and below a downtrend channel, forming since January 10. Yesterday in the American session, Bitcoin fell to a low of 38,489, a level that coincided with the bottom of the trending channel.

In the chart, we can see that once BTC touched the bottom of the bearish channel, a strong technical rebound occurred, reaching the psychological level of $40,000.

If Bitcoin consolidates above 40,600 (2/8 Murray) in the next few hours, we could expect it to begin a more sustained recovery and the price could reach the 200 EMA at 42,439 in the short term and could even reach 4/8 Murray located at 43,700.

If Bitcoin continues to trade within the downtrend channel in the next few hours, the bearish cycle is likely to resume and it could be seen as an opportunity to sell below 40,600 with the targets at 1/8 Murray located at 39,062. BTC could even reach 0/8 Murray located at 37,500.

The main trend remains bearish for Bitcoin. Therefore, the most efficient strategy could be to sell below the top of the downtrend channel. The trend could reverse if BTC consolidates above 40,700. The eagle indicator is giving a negative signal. So, Bitcoin is likely to reach 37,000 in the coming days.

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

EUR/USD Forecast for September 4, 2025

EUR/USD As of Wednesday, the euro rose by 20 points, postponing the consolidation below the 1.1632 level to a slightly later time. Possibly, today's candle will close below support, since

Laurie Bailey 05:07 2025-09-04 UTC+2

GBP/USD Forecast for September 4, 2025

GBP/USD Twice piercing the 1.3364 support level with the lower shadows of daily candles on Tuesday and Wednesday keeps the bears' optimism alive. If today the price does not return

Laurie Bailey 05:07 2025-09-04 UTC+2

AUD/USD Forecast for September 4, 2025

AUD/USD For the third consecutive day, the Australian dollar has been testing the MACD line with the upper shadows of daily candles. The signal line of the Marlin oscillator

Laurie Bailey 05:07 2025-09-04 UTC+2

Forecast for EUR/USD on September 3, 2025

On Tuesday, EUR/USD reversed in favor of the U.S. dollar and saw a sharp decline, closing below the support zone at 1.1637–1.1645. Thus, the downward move may continue today toward

Samir Klishi 11:11 2025-09-03 UTC+2

Forecast for GBP/USD on September 3, 2025

On the hourly chart, GBP/USD on Tuesday reversed in favor of the U.S. dollar and fell toward the support zone at 1.3357–1.3364. A rebound from this zone today will work

Samir Klishi 10:57 2025-09-03 UTC+2

GBP/USD. Indicator Analysis on September 3, 2025

On Tuesday, the pair moved downward, tested the 50% retracement level at 1.3366 (yellow dotted line), and then moved upward, closing the daily candle at 1.3391. Today, the price

Stefan Doll 10:48 2025-09-03 UTC+2

EUR/USD. Indicator Analysis on September 3, 2025

On Tuesday, the pair moved downward, tested the support line at 1.1613 (thick blue line), and then moved up, closing the daily candle at 1.1638. Today, the price may continue

Stefan Doll 10:42 2025-09-03 UTC+2

If the Pivot level can hold the correction in XPD/USD, it has the potential to strengthen and rise towards its nearest resistance level. Wednesday, September 03, 2025.

[XPD/USD] – [Wednesday, September 03, 2025] XPD/USD has a Death Cross crossing the EMAs. Although the RSI is at a neutral bearish level, as long as it doesn't weaken

Arief Makmur 09:54 2025-09-03 UTC+2

Natural gas has the potential to weaken today, falling to its nearest support level. Wednesday, September 03, 2025.

[Natural Gas] – [Wednesday, September 03, 2025] With EMA (50) position above the EMA (200) and the RSI indicator in the Neutral Bullish area today, #NG has the potential

Arief Makmur 09:54 2025-09-03 UTC+2

EUR/USD Forecast for September 3, 2025

EUR/USD After yesterday's spike in yields on European government bonds, the drop in the EuroStoxx50 stock index by 1.41% (DAX -2.29%), and the euro's fall by 0.67% with the perfect

Laurie Bailey 05:51 2025-09-03 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.