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Bitcoin is trading around $90,450 above the 200 EMA and within the uptrend channel. During the Asian session, Bitcoin managed to find support around the bottom of the uptrend channel, and we observed a technical rebound.
If Bitcoin consolidates above the psychological level of $90,000 in the coming hours, the outlook could be positive, and we could expect it to reach the 21 SMA around $91,500, the 3/8 Murray at $93,750, and finally reach the top of the uptrend channel around $96,500.
In case of a sharp break below the 200 EMA and a consolidation below the uptrend channel, and if the price falls below $90,000, we could expect a sharp drop in Bitcoin, which could reach $87,500. Finally, we could expect it to reach the 1/8 Murray around $81,250.
As long as the price consolidates and remains within the uptrend channel, any pullback will be seen as an opportunity to take long positions with targets at $96,500.
The Eagle indicator is showing a positive signal, but we must be very careful in the coming hours as the news from the United States could generate strong volatility and this could change the outlook we have so far.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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