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Bitcoin is trading around $80,284, undergoing a minor technical correction after reaching a new weekly high of $80,500. Bitcoin could continue its rise in the coming hours and reach the upper band of the uptrend channel around $81,250, and could even reach $82,646.
Over the weekend, Bitcoin consolidated around $78,000 above the 21 SMA. This scenario signaled a technical reversal, as Bitcoin had been consolidating around $78,125 for several days.
On the H4 chart, we can observe a triple top that Bitcoin reached on April 21 and May 2. These levels indicated a bearish signal. However, Bitcoin broke above $79,427, overcoming this pattern, and is likely to encounter strong resistance at $81,250.
This pattern could confirm a downtrend if the Bitcoin price falls back below $79,427. If this scenario plays out, we can expect confirmation if the price falls below the 21SMA and below the 1/8 Murray line. This could be a clear signal to sell, with targets at $76,000 and potentially at the 200 EMA around $75,013.
Our trading plan for the coming hours is to wait for Bitcoin to confirm a zone to open short positions if the price consolidates below $81,250 or below $80,500, with targets at $78,357 and $76,000. The Eagle indicator is showing negative signals.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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