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Bitcoin is trading around $86,563 with a bullish bias below the 8/8 Murray level. If Bitcoin rejects the 8/8 Murray level in the coming hours, it could pose an opportunity to open short positions, targeting the 7/8 Murray level and ultimately the lower band of the uptrend channel.
Bitcoin is overbought; hence, a technical correction could occur in the coming days. Therefore, we should keep an eye on the 8/8 Murray resistance zone or a decisive breakout from the symmetric triangle pattern. A drop below $86,000 could drive the price toward the 7/8 Murray, located at $84,375. Eventually, BTC could reach the lower band of the uptrend channel around $82,800.
A selling opportunity could arise in the $87,500 area, or if the upward momentum continues, we could expect BTC to reach $88,466—a level that coincides with the upper band of the uptrend channel and could be seen as an opportunity to open short positions.
On the other hand, following a technical correction, we could expect Bitcoin to resume its upward momentum around $84,375 or, if it consolidates around the 21 SMA at $83,628.
The Eagle indicator is showing a bearish signal, and we should expect a clear sell signal in the coming days; the key is to monitor the $87,500 area.
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