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Bitcoin is trading below the 4/8 Murray line and within the uptrend channel that has formed since early February. Bitcoin has reached the $75,980 level twice, which could be acting as strong resistance.
If Bitcoin continues to rise in the coming hours and consolidates above $75,000, we could expect it to reach the upper band of the uptrend channel around $78,660 and could even reach the 5/8 Murray line around $81,250.
Conversely, the two attempts to break above the $76,000 zone could form a bearish pattern known as a double top, which would need confirmation if Bitcoin trades below $75,000.
If Bitcoin fails to break above $76,000 in the coming hours, we could view this zone as a signal to open short positions with targets at the 21 SMA around $69,854. BTC could even reach the lower band of the uptrend channel around $67,500.
Given that the Eagle indicator has reached overbought levels, Bitcoin is expected to face downward pressure in the coming days. Therefore, below $78,600, any attempt to reach this zone will be considered a signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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