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The price of Bitcoin reached the levels seen on March 15, around $75,000, though it was unable to hold above this psychological level. We observed a technical correction, and the price also reached the upper band of the uptrend channel; both of these levels are acting as strong resistance.
If Bitcoin consolidates above $75,000 in the coming hours, we could view this as a positive signal, and BTC is expected to reach the strong weekly resistance around $77,250 quickly; if it breaks above this level, it could reach the 5/8 Murray level around $81,250.
Given that Bitcoin faces strong resistance below $75,000, if the price consolidates below this zone in the coming hours, it could be seen as an opportunity to open short positions with a target at the 21 SMA around $72,500. If the technical correction continues, we could expect BTC to reach the 200 EMA around the psychological level of $70,000.
Given that the Eagle indicator is reaching overbought levels, it is likely that if Bitcoin reaches the $75,000 or $77,000 levels, this could be seen as a zone to enter short positions with a short-term target around the 3/8 Murray level at $68,750.
Our trading plan for the coming hours is to sell Bitcoin if the price attempts to break above $75,000 but fails to do so, with targets at $73,500, $72,800, and $72,500. The Eagle indicator is showing a negative signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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