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Bitcoin is trading around 96,163, below the 21 SMA, and below the 200 EMA with a bearish outlook. Over the weekend, Bitcoin approached the psychological level of $100,000 but failed to consolidate above this area. Now we see a strong bearish correction.
If Bitcoin falls below $96,000 in the next few hours, we could see this as a bearish signal. Therefore, we could sell with targets at 93,750 and even at the Murray 6/8 located at $87,500.
Technically, Bitcoin is overbought on the daily chart, so we expect Bitcoin to reach the price of 90,000 in the next few days and even drop to 80,000.
On the other hand, consolidation above the psychological level of $100,000 could invalidate our negative outlook and Bitcoin could reach the last resistance at +2/8 of Murray located at $112,500.
Our training plan for the next few hours is to sell Bitcoin below 96,500, with targets at 93,750, 91,800 and finally, 87,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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