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Bitcoin is trading around $92,737, consolidating around 3/8 Murray over the last few hours and showing signs of exhaustion.
Bitcoin is trading within an uptrend channel formed since November 20 and has been respecting support and resistance points. So, if the price consolidates below the 200 EMA in the coming days, BTC could make a technical correction, and we expect it to reach 2/8 Murray at $87,500.
If the Bitcoin price consolidates above $95,000 around the 200 EMA, we could expect a recovery towards the psychological level of $100,000, where Murray's 4/8 is located.
Given that Bitcoin is showing overbought levels, we expect the price to fall below $93,750 in the coming hours, which will be seen as an opportunity to open short positions with targets at $87,500 and around the bottom of the uptrend channel at $85,550.
After a technical correction, the time will right to open long positions as long as the price remains within the uptrend channel. A good point to resume buying could be around $87,500 or $85,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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