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Bitcoin is trading around $79,737, rebounding after hitting the lower band of the downtrend channel formed since May 6, and we could expect a recovery until it reaches the 21-day SMA at $80,942.
Bitcoin has begun a new bearish sequence and is now consolidating below the 21 SMA and below the 6/8 Murray level, both of which are exerting strong downward pressure. However, we could expect a recovery in the coming hours as oversold conditions exist.
Above $79,000, we could look to open long positions with targets at $80,942 or at the 6/8 Murray line around $81,250.
If bearish momentum prevails, we could expect Bitcoin to continue falling until it reaches the strong support level it has tested since early May around $78,125. This zone could provide a strong support level for Bitcoin, and we could look for buying opportunities above it.
If Bitcoin attempts to break above $81,250 again and fails to consolidate above this zone, it could be seen as a clear signal to open short positions with a target at $78,125. In the short term, the instrument could reach the 200 EMA around $75,957 and eventually around $75,000.
The Eagle indicator is showing a negative signal; however, a brief recovery is expected in the coming hours before the price resumes its bearish cycle.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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