
BTC/USD Forex Signal Today 03/07: Targets $115,000 (Chart)
- Buy the BTC/USD pair and set a take-profit at 115,000. Add a stop-loss at 104,000. Timeline: 1-2 days.
- Sell the BTC/USD pair and set a take-profit at 104,000. Add a stop-loss at 115,000.
The BTC/USD pair also did well as investors continued buying in Wall Street. Data shows that spot ETFs have accumulated over $48.63 billion in assets since their inception last year. BlackRock's IBIT ETF now holds almost $74 bilion in assets, making it one of the most bullish patterns in technical analysis.
EURUSD Chart by TradingViewBTC/USD technical analysisThe daily chart shows that the BTC/USD pair made a strong bullish breakout that could push it to a record high. It formed a bullish engulfing pattern, a popular continuation sign. It also moved above the upper side of the descending channel pattern.Bitcoin has also moved slightly above the important resistance level at 109,300, the upper side of the cup-and-handle pattern. It has also moved above the 50-day and 100-day Exponential Moving Averages (EMA).The Relative Strength Index (RSI) has pointed upwards. Therefore, it will likely continue rising as bulls target the psychological point at 115,000. A drop below the support at 105,000 will invalidate the bullish outlook.Ready to trade our free Forex signals ? Here are the best MT4 crypto brokers to choose from.
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