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Bitcoin is trading around $73,960, undergoing a technical correction after reaching a high of $75,950. Bitcoin attempted to break through the strong 4/8 Murray resistance level, but was unable to consolidate above this zone, and we are now seeing a technical correction. So, BTC is likely to continue falling in the coming days.
Bitcoin is trading within an uptrend channel formed on the H4 chart, having reached its weekly high so far around $75,950. Bitcoin attempted to break through the top of the uptrend channel but was unable to consolidate, so it is likely to remain under downward pressure below this zone.
If a pullback occurs in the coming hours toward the 4/8 Murray line or toward the top of the uptrend channel around $75,500, it could be seen as a signal to sell Bitcoin with targets at the 21 SMA around $72,592 and finally around the 200 EMA at $70,955.
If Bitcoin consolidates above $75,000, the outlook could remain bullish, and it could then reach the top of the uptrend channel around $77,950.
The Eagle indicator has reached overbought levels. Therefore, as long as the price trades below $76,000, it will be seen as a signal to continue selling in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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