FX.co ★ Trading Signals for BITCOIN, (BTC/USD) for May 17-21, 2024: buy above $65,625 (200 EMA - 5/8 Murray)

Bitcoin is trading around 66,189 above the 200 EMA and 21 SMA with bullish bias, showing signs of exhaustion on the H4 chart.

The H4 chart shows us that Bitcoin maintains intact its uptrend channel forming since early May. We believe that BTC could reach the key resistance of 6/8 Murray at 68,750 in the coming days and even reach the top of the uptrend channel around 69,350.

If bullish strength prevails and if Bitcoin consolidates above 65,625 (5/8 Murray), we could expect it to continue rising. This would be seen as an opportunity to buy.

On the contrary, in case there is a technical correction, we could expect BTC to find good support around 64,113 where the 21 SMA is located or around the 200 EMA at 63,489. If this scenario comes true, a technical rebound will allow us to resume long positions.

Bitcoin maintains bullish momentum, so any technical correction could be seen as an opportunity to continue buying.

The key level of 62,500 gives us a positive medium-term and long-term outlook for Bitcoin. Above this area, we could expect the price to reach $70,000 and could even exceed this level.

With a sharp break below the uptrend channel and a consolidation below 62,500 on the H4 chart, the outlook could change and Bitcoin could reach 2/8 Murray located at 56,250.