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Bitcoin is trading around $78,399 within a downtrend channel that has been forming since August 25. BTC is currently trading above the 21 SMA and above the 6/8 Murray level, so we believe the downtrend could continue in the coming days.
For Bitcoin to make a strong downward move, we should expect one of two scenarios: one in which it could reach the 61.8% Fibonacci retracement level around the psychological $80,000 mark.
Another scenario is that Bitcoin could break below $78,200 and consolidate below this zone; this could then be seen as an opportunity to sell, anticipating a move toward the 4/8 Murray level around $75,000. BTC could even find strong support around $72,800, a level that coincides with the lower band of the downtrend channel.
If Bitcoin breaks above the psychological level of $80,000, the outlook could remain positive; we could expect it to break above the 6/8 Murray level, after which it could reach $81,250, and beyond that zone, it could reach the psychological level of $85,000.
Technically, the Eagle indicator is showing a negative signal and is expected to continue declining in the coming days; the first target is for it to reach $75,000, and the final target is for it to find strong support around the 200-day moving average, located at the psychological level of $70,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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