empty
InstaForex Loprais Team - Official participant of the Dakar rally
InstaForex Loprais Team - Official participant of the Dakar rally
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
27.02.2024 11:19 AM
Technical Analysis of BTC/USD for February 27, 2024
Open trading account Open demo account

Bitcoin's Resilience Amidst ECB Caution

Key Takeaways:

  • Despite European Central Bank's (ECB) anti-crypto stance, Bitcoin ETFs in the U.S. have been approved, signaling regulatory advancements.
  • Technical indicators suggest a strong bullish trend for BTC/USD with a high sentiment score indicating a positive market outlook.
  • Overbought conditions signaled by the RSI suggest potential near-term consolidation or pullback, while pivot points highlight key price levels.In the face of cautious sentiment from the European Central Bank, Bitcoin's market behavior continues to illustrate a compelling narrative of resilience and bullish tendencies. The technical analysis of Bitcoin's recent price action reveals a robust uptrend, seemingly undeterred by the ECB's critical stance on cryptocurrency.

This image is no longer relevant

Fundamental Analysis:

The European Central Bank (ECB) has reiterated its anti-cryptocurrency stance, remaining unswayed by the recent approvals of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). In a recent blog post, ECB officials Ulrich Bindseil and Jurgen Schaaf described the approvals as "The Emperor's New Clothes," expressing skepticism about the safety of BTC investments and dismissing the previous bull run as a sign of unstoppable triumph. The ECB maintains that Bitcoin's fair value is zero, warning of significant collateral damage from the cryptocurrency's boom-and-bust cycles, including environmental harm and wealth redistribution at the expense of the less educated.

The ECB leadership also commented on the digital euro, countering concerns about a potential banking crisis and the risk of banks losing deposits as a source of long-term refinancing.

Technical Analysis:

The BTC/USD pair shows a compelling picture on the 1-hour intraday chart. We observe a strong bullish pattern, underlined by 19 out of 23 technical indicators giving a 'Buy' signal. Only 2 indicators suggest a 'Sell', with the remaining 2 remaining neutral. Moving averages reinforce this view, with 16 out of 18 signaling 'Buy'. The Relative Strength Index (RSI) is at 81.41, indicating an overbought condition that traders should monitor for potential pullbacks.

This image is no longer relevant

The H4 chart features several candlestick patterns. A bullish engulfing pattern precedes the current price action, suggesting strong buyer presence. A hammer and another bullish engulfing pattern appear at the lower trendline of an ascending channel, reinforcing the bullish outlook. The presence of a pin bar near the resistance level signals a potential hesitation in the uptrend, warranting caution.

Market Scenarios:

Bullish Scenario: The strong bullish sentiment, supported by the majority of technical indicators and moving averages, suggests that BTC/USD may continue to rise. If it breaks above the resistance at $58,863, the currency pair could aim for the weekly resistance levels, with WR3 at $52,446 being the next significant target.

Bearish Scenario: Should the RSI's overbought signal translate into a price correction, we could see BTC/USD retreat towards the weekly pivot point at $51,414. A break below this level might lead to further declines towards the support levels of WS1 at $51,079 and WS2 at $50,888.

Useful Links
Important Notice

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Analytical News
US Market News Digest for May 2 US equity indices continue to climb despite lingering economic uncertainty. Investor optimism is being driven by expectations of progress in trade talks between the US and China. Nevertheless, ongoing economic
Ekaterina Kiseleva
13:14 2025-05-02 +02:00
1195
Forecast
USD/JPY: Simple Trading Tips for Beginner Traders on May 2nd (U.S. Session) Trade Analysis and Advice for the Japanese Yen The test of the 145.05 level occurred when the MACD indicator had already moved significantly below the zero mark, which limited
Jakub Novak
12:24 2025-05-02 +02:00
1525
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on May 2

Bitcoin and Ethereum buyers have achieved new key resistance levels, indicating strong demand. Bitcoin has reached the $97,400 level, while Ethereum has approached the $1,870 mark. Meanwhile, the buzz around
Miroslaw Bawulski 09:15 2025-05-02 UTC+2

Technical Analysis of Daily Price Movement of Chainlink Cryptocurrency, Friday May 02, 2025.

With the appearance of the Bullish 123 pattern followed by the appearance of the Bullish Ross Hook which managed to break the previous downtrend line and the Stochastic Oscillator indicator
Arief Makmur 08:01 2025-05-02 UTC+2

Bitcoin: Who's Behind the New Accumulation and Where Is the Price Heading?

Amid a steady outflow of coins from exchanges, renewed futures market activity, and a rise in short-term holders, the world's largest cryptocurrency lays the groundwork for a potential move that
Ekaterina Kiseleva 01:03 2025-05-02 UTC+2

Bitcoin: why May could become pivot point for crypto market

While financial mainstream market participants are mulling over recession risks and interest rates, Bitcoin is steadily gaining ground. April has turned out to be the strongest month for the leading
Ekaterina Kiseleva 16:05 2025-04-30 UTC+2

What could help Bitcoin to advance to new level

While Bitcoin—and the entire cryptocurrency market—awaits crucial US economic data that could shape the Federal Reserve's path, Goldman Sachs has shared what it believes could help crypto reach
Jakub Novak 13:25 2025-04-30 UTC+2

Bitcoin and Ether hold their ground

Yesterday's sharp intraday declines in Bitcoin and Ether were quickly bought up, signaling ongoing interest from traders and investors who are simply waiting for more attractive buying levels. Meanwhile, lawmakers
Jakub Novak 12:59 2025-04-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 30

Bitcoin and Ethereum buyers continue to take advantage of the good moments of the market decline and buy it out quickly, as demonstrated today during Asian trading. Importantly, Bitcoin
Miroslaw Bawulski 08:57 2025-04-30 UTC+2

BTC/USD Analysis on April 29, 2025

The wave pattern on the 4-hour chart of the BTC/USD has become somewhat more complex. We observed a corrective downward structure that completed its formation around the $75,000 mark. After
Chin Zhao 11:30 2025-04-29 UTC+2

$200,000 for Bitcoin by Year-End

While Bitcoin is still struggling to break through the $95,000 level — despite all the conditions being in place — Standard Chartered believes that in the second quarter, the leading
Jakub Novak 11:09 2025-04-29 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 29

Bitcoin and Ethereum Buyers Are Trying to Control the Market — and So Far, They're Doing Quite Well However, it's important to note that the longer we remain below $95,000
Miroslaw Bawulski 08:51 2025-04-29 UTC+2

Top analytics

Relevance up to 03:00 2025-05-04 UTC--4
The Process Has Begun. China Is Ready for Trade Talks (There's a Chance of Renewed Decline in Gold and EUR/USD Prices)
09:43 2025-05-02
Fundamental analysis
Relevance up to 06:00 2025-05-03 UTC--4
USD/JPY: Simple Trading Tips for Beginner Traders on May 2nd (U.S. Session)
12:24 2025-05-02
Forecast
Relevance up to 00:00 2025-05-03 UTC--4
Intraday Strategies for Beginner Traders on May 2
06:49 2025-05-02
Forecast
Relevance up to 21:00 2025-05-02 UTC--4
EUR/USD Overview – May 2: The Dollar Faces a New Collapse – And It's Far from the Last
03:47 2025-05-02
Fundamental analysis
Relevance up to 06:00 2025-05-03 UTC--4
EUR/USD: Simple Trading Tips for Beginner Traders on May 2nd (U.S. Session)
12:17 2025-05-02
Forecast
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

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.