The legend in the InstaSpot team!
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Bitcoin is trading around $62,788, after rebounding upon finding solid support around the 0/8 Murray level, which also coincided with the lower band of the trend channel formed since July 20.
If Bitcoin rebounds above $62,500 and consolidates above this level, it will be interpreted as a signal to continue buying in the coming days, with targets at the 200-day EMA, around $63,980. Ultimately, we expect it to encounter strong resistance around the upper band of the downtrend channel, at $64,600.
If Bitcoin falls below $62,500, the outlook could turn negative, and BTC could accelerate its decline toward the psychological level of $60,000.
The Eagle indicator has reached five points, representing a strongly oversold condition. This could indicate that, in the coming days, Bitcoin could resume its uptrend, rebound, and reach the 1/8 Murray level, around $65,625, or even reach the July 20 high, around $67,900.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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