Bitcoin is trading around 106,521 below the 21SMA, showing the exhaustion of bullish strength and strong consolidation above the 6/8 Murray.
Bitcoin reached the price levels of June 15th around 108,760. Since then, we have observed a technical correction and believe it could continue its fall in the coming days until it reaches the psychological level of $100,000.
Should Bitcoin rebound above the 6/8 Murray, this could be seen as an opportunity to sell around 107,500. The 21SMA is located around this area, which could act as strong resistance.
On the other hand, with a sharp break below the 6/8 Murray, we could expect the Bitcoin price to reach the 200 EMA around 105,429 and even the 5/8 Murray at 103,125.
The eagle indicator has been showing a negative signal since June 30, which means we believe any technical rebound will provide a selling opportunity.
