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Bitcoin is trading around 110,489, above the 3/8 Murray level, and above the 21SMA with a positive bias.
It is likely to continue rising in the coming hours, reaching the strong resistance of the 4/8 Murray level around 112,500, and could even encounter a strong rejection around the top of the downtrend channel located at 113,220, which also coincides with the 200 EMA.
If Bitcoin makes a technical rebound around 109,375, it will be seen as a signal to buy in the coming hours, with targets at 112,500.
On the other hand, if Bitcoin falls and consolidates below the 21SMA at $109,000, we could expect the bearish cycle to resume, potentially reaching the 2/8 Murray at 106,250 and even the 1/8 Murray around 103,125.
In the short term, the eagle indicator is showing a positive signal, so any pullback in Bitcoin will be seen as a signal to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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