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Yesterday, Bitcoin reached strong resistance around the 6/8 Murray level at 118,900 during the American session. BTC failed to break above this area and made a sharp drop to the lows of 114,397.
Bitcoin plunged by almost $5,000, which means it could be preparing for a technical rebound in the coming days.
If Bitcoin falls below the 5/8 Murray level at 115,625, we could expect it to reach the 4/8 Murray level support at $112,500.
The latest Japanese candlestick formed on the H4 chart shows us that sellers may be struggling, so the bullish bearish cycle is likely to resume. Therefore, we will look for opportunities to buy above the 200 EMA or above the 5/8 Murray level.
Key support levels for the coming hours are 115,625, 115,100, which is the 200 EMA, the bottom of the downtrend channel around 113,200, and finally the 3/8 Murray level at 112,500.
The next resistance levels are located at 116,150, 117,450, and finally, the top of the downtrend channel around $118,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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