Bitcoin is trading around $98,360, bouncing below the downtrend channel forming since January 21 and below the 200 EMA with a bullish bias, but it could be facing a strong resistance around the psychological level of $100,000.
If Bitcoin reaches 8/8 Murray or the 200 EMA in the next few hours, it will be seen as a signal to sell, as technically, we could be reaching a strong resistance.
If the price of Bitcoin falls below the area around 100,500, it will be seen as a signal to sell with targets at 93,750. Finally, the price could slump to 85,810, which coincides with the bottom of the downtrend channel.
On the contrary, if Bitcoin consolidates above the 8/8 Murray, we can expect a bullish outlook. In this case, we should buy above $101,000. Then, the price could reach 106,250 and finally, +2/8 Murray at $112,500.
The eagle indicator is showing a negative signal. Therefore, we expect that Bitcoin will continue to devalue in the next few days and could reach $90,000 or even 87,500 around 6/8 of Murray which represents a good support.
