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Over the weekend, Bitcoin managed to break above the 200 EMA and consolidate above $82,000, rising to a high of around $83,000 from a low near the psychological level of $81,000.
Analyzing this bullish momentum in Bitcoin, we might have expected the price to remain above the 200 EMA. However, it failed to break out of the downtrend channel and is now experiencing a technical correction.
If the price consolidates below $82,000 and below the 200 EMA in the coming days, that would be a bearish signal and could open the path to $80,000 and ultimately the 5/8 Murray level near $78,125.
A break below the 6/8 Murray level would add to the downward pressure, as this zone represents a final support level for Bitcoin. In that case, we could expect a rapid slide toward $78,000 and even the lower band of the downtrend channel around $77,071.
Conversely, a decisive break above the downtrend channel and above $83,000 could be seen as a bullish signal for Bitcoin. In that case, it would be wise to consider long positions with targets at 84,375 and then $87,500, around the 8/8 Murray level.
The Eagle indicator is currently negative, so our bias for the coming days will be toward selling Bitcoin.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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