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Bitcoin, after forming a symmetrical triangle pattern, broke sharply above the 3/8 Murray level and the 21-day Simple Moving Average (SMA) located at 109,747.
Above this area, Bitcoin rose sharply to reach the 4/8 Murray level around 112,500.
In the coming hours, we can expect a technical correction. Therefore, a rebound around the psychological level of $110,000 could be seen as an opportunity to buy Bitcoin, with short-term targets located around the 200 EMA at 113,500 and even 115,625.
Conversely, a sharp break below the 21SMA and a consolidation below the 3/8 Murray level could lead Bitcoin to fall to the 2/8 Murray level located at 106.250.
The eagle indicator is showing a positive signal for Bitcoin. So, any pullback as long as the price trades above the 3/8 Murray level will be seen as an opportunity to open buy positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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