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Bitcoin is trading around $65,280, below the 1/8 Murray line and the 21 SMA, under bearish pressure, and we could expect it to continue falling in the coming hours until it reaches the lower band of the uptrend channel around the $64,000 level.
If Bitcoin finds strong support around $64,000, this zone could be considered a signal to open long positions, with short-term targets toward the upper band of the uptrend channel, which coincides with the 2/8 Murray line and the 200 EMA around $68,750.
Given that the Eagle indicator has reached overbought levels, we could expect bearish pressure to ease until the price reaches the $64,000 level; around this zone, we could resume our bullish trades with a target at $70,000.
A decisive break below the uptrend channel and consolidation below $64,000 could change Bitcoin's outlook, and we could expect it to reach the 0/8 Murray level around $62,500, followed by the psychological level of $62,500, and finally reach the -1/8 Murray level around $59,385.
On the other hand, a breakout and consolidation above $65,553 could send BTC higher in the coming days, potentially reaching $68,000. For this to happen, it would need to decisively break out of the narrow downtrend channel that has formed from this week's highs.
Our trading plan is to wait for Bitcoin to reach $63,000 to resume a bullish cycle or to buy above $65,500, always managing risk and taking price action into account.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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