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Bitcoin is trading around 44,600, reaching the 61.8% Fibonacci retracement and with a strong bullish movement after having broken the symmetrical triangle pattern.
In the next few hours, Bitcoin is expected to continue rising and could reach the psychological level of $45,000 and could even approach 6/8 Murray located at 46,875.
The eagle indicator was moving within a bearish channel. After a breakout of this zone, we noticed that BTC increased its trading volume which caused Bitcoin to rise. The crypto is expected to continue rising in the coming days.
Given that BTC is in an upward movement, we should expect a technical correction to occur. For this, the important resistance level of 43,750 has now become a strong support that could give Bitcoin the boost it needs to reach the target of $46,900 (6/8 Murray).
In any case, Bitcoin should make a technical correction after this strong bullish momentum and consolidate above 4/8 Murray for the bullish outlook to prevail. If Bitcoin returns below 43,750, the bearish cycle could resume and the price could reach the psychological level of $40,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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