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

Forex forecast 29/07/2025: EUR/USD, USDX, USD/JPY, SP500, Nasdaq 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 11:31 2025-07-29 UTC+2

148.91 currently becomes the main target for USD/JPY to test in the near future, Tuesday, July 29, 2025.

USD/JPY – Tuesday, July 29, 2025. Based on the Golden Cross position on the EMA (50) and EMA (200), it indicates a dominant bullish bias in USD/JPY. However

Arief Makmur 06:55 2025-07-29 UTC+2

Cable is attempting to test and break through the 1.3316 support level on Tuesday, July 29, 2025.

GBP/USD – Tuesday, July 29, 2025. The Death Cross condition of the EMA (50) which is below EMA(200) and the neutral bearish RSI (14) indicates that the GBP/USD bearish bias

Arief Makmur 06:55 2025-07-29 UTC+2

EUR/USD Forecast for July 29, 2025

After yesterday's drop of more than 160 pips due to a highly unfavorable trade deal between the EU and the U.S., the euro's chances of rising toward the upper boundary

Laurie Bailey 05:02 2025-07-29 UTC+2

GBP/USD Forecast for July 29, 2025

By the end of yesterday, the British pound declined by 82 pips, breaking through the target support at 1.3369. Today's session opened below this level, and a daily close beneath

Laurie Bailey 05:02 2025-07-29 UTC+2

USD/JPY Forecast for July 29, 2025

The USD/JPY pair continues its upward movement toward the target level of 149.38, which is signaled by the unclosed gap from July 21. If the price breaks through this resistance

Laurie Bailey 05:02 2025-07-29 UTC+2

GBP/USD. Technical Analysis for the Week of July 28 – August 2

Last week, the pair moved upward and tested the historical resistance level at 1.3591 (blue dashed line), then reversed and closed the weekly candle at 1.3435. In the upcoming week

Stefan Doll 19:16 2025-07-28 UTC+2

EUR/USD. Technical Analysis for the Week of July 28 – August 2

Last week, the pair moved upward and tested the upper fractal at 1.1790 (weekly candle from July 6, 2025), after which the price turned downward, closing the weekly candle

Stefan Doll 19:12 2025-07-28 UTC+2

Forex forecast 28/07/2025: 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 11:32 2025-07-28 UTC+2

EUR/USD. Analysis and Forecast

At the start of the new week during the Asian session, the EUR/USD pair attempted to remain positive, but during the European session, prices fell below the 1.1750 level amid

Irina Yanina 11:13 2025-07-28 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.