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Bitcoin is trading around $70,377, having broken through the 3/8 Murray line and nearly reaching the lower band of the downtrend channel formed since May 7.
Bitcoin is likely to find strong support around $70,800. This level coincides with the lower band of the downtrend channel, and we could expect a technical bounce around this area, which could be seen as an opportunity to open long positions.
In the event of a pullback toward the 21 SMA at $73,417, this zone could be considered a good point to sell, with short-term targets around the 2/8 Murray line at $68,750.
If Bitcoin consolidates above the 3/8 Murray line in the coming hours, this could be considered an opportunity to buy above this zone, with targets at the upper band of the uptrend channel around $75,000.
The Eagle indicator is reaching oversold levels, so we could expect consolidation zones around $70,800 or around the psychological level of $70,000 as a point for a technical rebound, which could be seen as a signal to buy BTC.
The outlook remains bearish for Bitcoin. Should it reach the resistance zone at $73,500 or the 4/8 Murray level around $75,000, this could be seen as a signal to resume selling, with targets at the 2/8 Murray level around $68,750.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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