Early in the American session, Bitcoin is trading around $104,250, above the 21st SMA and within the bullish trend channel formed on May 4th. We observe exhaustion.
During the last few trading sessions, Bitcoin has been trading around 103,500 and is expected to continue rising in the coming days and could reach $106,250, a level coinciding with +1/8 Murray.
The latest Japanese candlestick chart shows that Bitcoin is showing signs of exhaustion. Therefore, we believe that if BTC falls below 103,600, a technical correction could occur towards 8/8 Murray, located around the psychological level of $100,000.
If bearish strength prevails, Bitcoin is expected to reach the 200 EMA, located around 93,885. This key level could serve as a good point to resume buying.
On the other hand, if BTC pulls back toward $106,250, it will be seen as a signal to sell, as the chart technically shows overbought conditions.
