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Bitcoin is trading at $80,400, pulling back after reaching the upper band of the downtrend channel that has been forming since early May around $81,890.
Bitcoin could continue its fall in the coming days until it reaches the lower band of the downtrend channel at $78,350. BTC could even reach a strong support level that combines the 5/8 Murray line and the 200 EMA around $77,810.
If Bitcoin attempts to break above the 6/8 Murray level at $81,250 in the coming hours and fails to rise above this zone, it will be seen as a negative signal to sell, with targets at $80,000 and $78,125.
The Eagle indicator is showing a negative signal, so we believe Bitcoin will continue to face strong downward pressure in the coming days, and we will look for opportunities to sell below $81,900.
A strong technical rebound could occur in Bitcoin around the 5/8 Murray level. This zone could be seen as an opportunity to open long positions, as technically, a technical rebound always occurs at the lower band of the downtrend channel, and we could take advantage of it.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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