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Bitcoin is trading around $90,000 after a sharp technical correction that occurred after attempting to break above the 200 EMA and, in turn, after testing the top of the uptrend channel around $94,600.
According to the H4 chart, Bitcoin appears to be overbought. So, if a technical rebound occurs in the coming hours and the price consolidates below 3/8 Murray and below the 200 EMA, it will be seen as an opportunity to take short positions with a short-term target around $85,000.
Bitcoin is trading below the 200 EMA and below the 21 SMA, which means that the leading cryptocurrency could remain under bearish pressure in the coming days. A reasonable strategy could be to wait for the price to attempt to reach resistance levels and then enter short positions.
A sharp break above $95,000 could change the Bitcoin scenario, and we could expect it to reach $100,000 around the 4/8 of Murray.
A consolidation below the psychological level of $90,000 could mean that Bitcoin continues to lose value and could reach the 2/8 Murray at $87,500 or even reach the November 21 low of around $81,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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