Bitcoin reached a low of $110,600 during the morning session in the US, forming a double bottom pattern. It is expected to reach the resistance zone of $114,260 in the coming days.
Any pullback in Bitcoin will be seen as a buy signal, as above the psychological level of $110,000 or around 3/8 of the Murray level. Any technical rebound will be seen as a positive sign.
A sharp break above the 21-month SMA and above 114,500 could be seen as a signal to resume buying, and Bitcoin could reach 7/8 of the Murray level around 121,875.
A break below the psychological level of $110,000 could resume the bearish cycle, and Bitcoin could reach $107,000 or even 104,500 levels.
The eagle indicator is showing a positive signal, so we will look for any pullback opportunities to buy in the coming days.
