FX.co ★ Trading Signals for BITCOIN (BTC/USD) for October 30-31, 2024: buy above $71,875 (7/8 Murray - symmetrical triangle)

Bitcoin is trading around $71,900, forming a symmetrical triangle pattern within the bullish trend channel forming since October 23.

Bitcoin could break and consolidate above $72,000 in the next few hours that could favor a bullish movement as a result of which the crypto could reach 73,160 and even 8/8 Murray the psychological level of about $75,000.

If Bitcoin falls below $71,800 (7/8 Murray), we could expect it to reach the psychological level of $70,000, which coincides with the 21 SMA. Besides, after breaking the bullish trend channel, BTC could sink as low as the 200 EMA around $65,894.

The eagle indicator is giving a positive signal. So, we believe that in the next few hours Bitcoin could continue its rise and even reach the high of $73,648.