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Early in the European session, Bitcoin (BTC/USD) is trading above the psychological level of $100,000 and above the 21 SMA and 200 EMA. The crypto is likely to see an upside move in the coming days and could reach 7/8 Murray at 109,375.
Bitcoin has a bearish trend channel forming since January 19. It is likely that if it consolidates above $105,000, it could extend its bullish movement so that the price could reach 106,250, 109,375 and even 8/8 Murray at 112,500.
On the contrary, if Bitcoin falls below 103,500 or below 5/8 of Murray, we could expect the bearish cycle to resume and the price could reach 102,226 (21 SMA) and even the bottom of the bearish trend channel around 3/8 of Murray located at 96,875.
Bitcoin is at a key point as we could expect a recovery in the next few days and it could reach the $110,000 area. However, in the medium term, Bitcoin is expected to reach the $80,000 level, as technically a strong overbought trend is observed on weekly charts.
Our trading plan for the next few hours is to sell Bitcoin if it breaks below the downtrend channel around $104,000, with targets at 102,200, 100,230 and finally, 96,875.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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