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Bitcoin is trading around 60,878.72 below the 21 SMA and below 4/8 Murray. Bitcoin is under strong bearish pressure and is likely to continue falling in the coming days and could reach 3/8 Murray at 59,375.
On the H4 chart, we can see that Bitcoin is below a downtrend channel formed since early June and within an uptrend channel formed since June 25 when it hit the low of $58,000.
We can see that Bitcoin has formed an uptrend channel. In case it continues above the psychological level of $60,000, we could expect a technical rebound to occur and it could reach 21 SMA at 62,074 and even test the top of the bearish channel around 63,150.
The eagle indicator has reached the overbought zone. Therefore, we believe this divergence could put pressure on Bitcoin, but a technical rebound is likely to occur in the coming hours which will be seen as an opportunity to buy at the current levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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