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Bitcoin is trading around $62,355, breaking out of the uptrend channel that had formed since early June, and we could expect it to continue falling in the coming days until it reaches the psychological level of $60,000—or even reach the 1/8 Murray level around $59,375.
Bitcoin reached its weekly high around the 1/8 Murray level at $65,625. From that level, we observed a strong technical correction, and it is likely to continue falling in the coming days until it reaches $59,000 or even $57,000.
For Bitcoin to recover, we should expect consolidation above $62,500—around the 6/8 Murray level—and for a potential uptrend, we should expect the price to consolidate above $63,800, where the 21 SMA is located. This scenario would mean that the BTC price has entered a key support zone. The instrument could reach the 2/8 Murray level around $68,750.
The Eagle indicator is showing a negative signal; hence, we believe Bitcoin could fall in the coming days until it reaches the psychological level of $60,000.
Our trading plan for the next few hours is to buy BTC only if the price consolidates above $62,500. Below this zone, we should avoid buying, as BTC could get stuck under downward pressure could.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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