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Bitcoin is trading around $85,775, above the 21-day moving average and within the uptrend channel that has formed since September 27. Bitcoin could continue to rise in the coming hours and reach the key level of $87,500.
Given that Bitcoin has been rising over the weekend, technically we could expect consolidation around the 21 S level at $85,337; or, if the price reaches the lower band of the uptrend channel around $85,000, this could be seen as a signal to take long positions.
If Bitcoin falls below the uptrend channel and consolidates above $85,000, the outlook could turn negative, and in the short term, we could expect it to reach the 6/8 Murray level around $81,205.
Conversely, if Bitcoin remains above the uptrend channel and above $85,337—where the 21-day SMA is located—this could be seen as a signal to continue buying, with targets at $87,500, and it could ultimately reach the upper band of the uptrend channel around $88,400.
The Eagle indicator is showing a negative signal; however, we believe that Bitcoin will continue to trade within the uptrend channel in the coming days, so we should consider these levels as a zone for opening long or 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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