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Bitcoin is trading around $91,270. On a daily chart, we can see that the price is within a downtrend channel formed since the end of September.
If Bitcoin falls below the psychological level of $90,000, we could expect it to reach the psychological level of $75,000 in the medium term, around the 0/8 Murray.
If Bitcoin rebounds and consolidates above $90,000, we could expect it to continue rising and could reach the top of the downtrend channel around $96,500.
A good area to open short positions could be if the price reaches the $96,000 level. Below this area, we could expect a strong technical correction.
On the contrary, if Bitcoin falls towards the 1/8 Murray located at $81,250, a double bottom pattern could form, which we could be alert to to make a decision to enter long positions.
A break or sharp drop towards the 0/8 Murray or towards the bottom of the downtrend channel between $75,000 and $71,000 could mean a strong technical correction. This strong movement will likely cause a technical rebound, which we should watch out for in order to plan long 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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