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Bitcoin is trading around $85,348, above the 21-day SMA and above the 7/8 Murray line, showing a positive bias. We believe it could continue to rise in the coming days until it reaches the upper band of the downtrend channel formed since September 21.
Bitcoin has been consolidating since September 22 around $83,000; this zone has given Bitcoin an opportunity to rebound above the 6/8 Murray line. It is likely that BTC could reach the 8/8 Murray line again around $87,500 in the coming days. It might even reach the psychological level of $90,000.
If Bitcoin reaches the strong resistance at $87,300—which coincides with the upper band of the downtrend channel—and the price faces rejection or reaches the 8/8 Murray level, this zone could be considered an opportunity to open short positions.
The Eagle indicator is showing a positive signal; therefore, as long as the price remains above the 21 SMA—located around $83,800—a pullback toward this zone could be seen as a signal to continue buying in the coming days.
A pullback below $83,000 could change the outlook for Bitcoin, and we could expect it to reach the 6/8 Murray level around $81,250, and it might even hit the 200 EMA around $80,222.
Our outlook for Bitcoin will remain bullish over the next few days. Therefore, even if there is a pullback in the instrument, or trading occurs within the downtrend channel, we will continue to buy with targets at $87,500 and $90,000.
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