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Bitcoin is trading around $76,795, undergoing a technical correction after attempting to break through the 5/8 Murray line around $78,125.
If Bitcoin remains under downward pressure and consolidates below the 200 EMA around $77,455, we could expect it to continue falling until it reaches the 21 SMA at $76,600 and could eventually reach the 4/ 8 around $75,000. BTC could even fall rapidly to reach the lower band of the downtrend channel formed since early May around $73,700.
Conversely, a decisive break above the downtrend channel formed since May 14 and a consolidation above the 5/8 Murray line could be favorable for Bitcoin, and we could look to buy with targets at the upper band of the downtrend channel around the psychological level of $80,000.
Given that Bitcoin is under downward pressure, a pullback toward $78,000 or $77,500 could be considered an opportunity to open short positions over the next two days with targets around $75,000 and even down to $73,000.
The Eagle indicator is giving a positive signal, but is showing signs of exhaustion. We believe that if Bitcoin reaches the $75,000 or $73,000 zone, it could be considered an opportunity to open long positions with targets toward $78,000 and $80,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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