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Bitcoin is trading around $81,009, below the 6/8 Murray level, and pulling back after reaching a new high of around $82,304.
Bitcoin was unable to break above $82,300, as this zone coincided with the upper band of the uptrend channel formed since August 21, and Bitcoin is likely to struggle to continue rising above this zone.
If Bitcoin falls below $81,250 in the coming hours, it could be seen as an opportunity to sell, with targets at $78,125, and it is expected to reach the lower band of the uptrend channel around $77,000.
The outlook remains bullish for Bitcoin, so a pullback toward the 5/8 Murray level or the 21 SMA at $78,125 could signal a strong technical rebound, and we could open long positions with targets at about $81,250 and ultimately at $82,300.
Bitcoin is strongly overbought on the daily chart so we could expect a reversal in the coming days. In this case, we must monitor whether the price remains below the 6/8 Murray level; if so, it could be considered a selling opportunity.
Our trading plan for the next few hours is to sell Bitcoin below $81,250; alternatively, if there is a pullback toward $82,300, that could also be considered a sell signal. The Eagle indicator is showing a negative signal, suggesting that Bitcoin will undergo a technical correction in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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