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Bitcoin reached a new high at 126,171. After reaching this level, Bitcoin is undergoing a strong technical correction, breaking the uptrend channel formed since September 29.
We believe that in the coming hours, Bitcoin could reach the 7/8 Murray level around 121,875. This level could provide strong support for Bitcoin, but if bearish strength prevails, we could expect it to reach the 200 EMA, around the psychological level of $120,000.
On the other hand, if Bitcoin resumes its bullish cycle, we should expect it to consolidate above eight-eighths of the Murray level at $125,000. Then, it could reach $126,171 and even one-eighth of the Murray level at about $128,500.
Technically, on the H4 chart, Bitcoin is showing a negative divergence. Therefore, if the price consolidates below $125,000 in the coming days, any technical rebound will be seen as a signal to continue selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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