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Bitcoin is trading around $79,096 on an uptrend after breaking above the 5/8 Murray level. BTC has been trading below this zone during recent sessions under downward pressure.
Given that BTC is now trading above the 21 SMA and above the 5/8 Murray level, the outlook suggests it could continue rising until it reaches the psychological level of $80,000. If the upward momentum persists and it even reaches the 6/8 Murray level around $81,250, this level could, in turn, form a double top pattern if the instrument encounters strong resistance.
Looking at the H4 chart, Bitcoin reached $81,250 on August 26. If Bitcoin reaches this zone again in the coming hours and consolidates below it, we could view this as an opportunity to open short positions.
At current price levels above $78,125, we can continue buying Bitcoin; a pullback toward this zone or a technical rebound will be seen as a positive signal.
The Eagle indicator is showing a bullish signal, and we believe this zone will be a good point to buy above 5/8; we should also keep an eye on the 6/8 resistance zone to open short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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