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Bitcoin is trading around $83,150 with strong downside potential after breaking below the uptrend channel that had formed since September 27. At the same time, we can see the formation of a symmetrical triangle pattern on the chart, which was also broken to the downside from the 85K level, reaching the $83K level, and could even continue falling to $81, 247, around the 6/8 Murray level.
If Bitcoin rebounds above $83,000 in the coming hours—since it has been consolidating above this zone between September 23 and September 27—it could provide immediate support, and we could expect it to reach the 7/8 Murray level around $84,375; the rebound could even push it toward the 21 SMA at $85,356.
Given that Bitcoin has entered a technically bearish phase, we believe that any technical rebound toward $85,000 could be considered a signal to continue selling in the coming days.
If BTC consolidates below the 200 EMA around $81,585, we could expect it to continue falling until it reaches the 5/8 Murray level around $77,500.
Given the strong support around 81,249—which also coincides with the 6/8 Murray line and the 200 EMA—this area could be seen as a strong potential point to re-enter long positions, and we could expect the price to reach the psychological level of $90,000 if it breaks above this zone.
Given that the Eagle indicator is showing a negative signal, a rebound toward $84,375,000 or $85,353 would be seen as a signal to sell.
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