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Bitcoin is trading around $92,506 below the 200 EMA and below the 3/8 Murray, showing signs of exhaustion. BTC has been consolidating around this area for more than three weeks.
Bitcoin could continue its rise in the coming hours and could reach the top of the uptrend channel around $95,000. If this scenario occurs, we could expect it to be a strong barrier and could be seen as a signal to open short positions.
Conversely, if Bitcoin falls below $93,713, we could look for opportunities to sell, as it is expected to reach the 2/8 Murray around $87,500 in the coming days.
A consolidation below $90,000 could change the Bitcoin scenario, and we could expect it to reach the bottom of the uptrend channel around $86,200.
If Bitcoin breaks above the 200 EMA and above the uptrend channel, a strong acceleration could occur, and it could reach the 4/8 Murray around the psychological level of $100,000.
The Eagle indicator is showing a negative signal, so we will look for opportunities to sell in the coming days as long as the price remains below $95,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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