Bitcoin, having reached support at 107,440 during the Asian session, staged a strong technical rebound, and now there is a good opportunity for BTC to continue rising to reach the top of the downtrend channel formed since August 20, around 110,500.
Bitcoin has formed a double bottom pattern around 107,400, so any pullback in the coming hours will likely be seen as a buying opportunity, with targets at 4/8 Murray, located at 112,500.
If Bitcoin pullback and tests support at 107,400 or $108,000, it will be seen as a buying signal. Bitcoin is expected to recover some of its losses in the coming days and reach the key level of 115,625, around 5/8 Murray.
On the other hand, a drop below $107,000 could lead the insyrument to a 2/8 Murray level at 106,250 and even the bottom of the downtrend channel around $104,200. This level could be seen as an area for a technical rebound.
The eagle indicator is showing a positive signal, so any pullback in Bitcoin will be seen as a short-term buy signal.
