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Bitcoin is trading around $82,513 and remains under downward pressure. The cryptocurrency could find strong support near the 200 EMA at $81,900 and potentially around the 6/8 Murray level at $81,250.
Given that Bitcoin has been moving within an ascending channel since September 20, we expect the price to continue trading within that channel in the coming days.
However, the H4 chart indicates that Bitcoin still has upside potential, so a pullback toward $82,000 or $81,250 could be viewed as a buying opportunity.
If the upward momentum persists and Bitcoin reaches the upper band of the channel around $85,250 (which also coincides with the 7/8 on the Murray scale), that area could present an opportunity for the downtrend to resume. Sell entries from there could target the 5/8 Murray level near $78,125 or the lower band of the channel around $78,900.
Given that Bitcoin is expected to consolidate this week, we will look for long setups on rebounds around the 200 EMA or the 6/8 Murray level, with potential targets at $84,375 and $85,300.
Conversely, consolidation below the 6/8 Murray level and $81,250 could trigger a sell signal, with BTC likely sliding to the lower channel band near the $80,000 psychological level and possibly the 5/8 Murray level near $78,125.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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