Bitcoin is trading within an uptrend channel that has formed since August 31st, when the price reached a low of 107,300. From that level, Bitcoin recovered to reach the 4/8 Murray level at 112,500. We now see that Bitcoin is showing a positive signal, so it is likely to continue its bullish cycle in the coming days.
Yesterday, during the American session, Bitcoin reached the 3/8 Murray level support around 109,375. From that level, BTC recovered and is now trading above the 21 SMA and the 200 EMA, which suggests a positive outlook for the coming days. The instrument could reach 112,500 and even the top of the uptrend channel around 113,700.
On the other hand, if Bitcoin consolidates below $110,000, a technical correction is likely. If the price falls below $109,375, we could expect a change in trend, potentially reaching 2/8 Murray around $106,250.
The eagle indicator is within a neutral zone, so if the Bitcoin price consolidates above $112,500, the outlook could be positive, and if the price falls below $109,300, the outlook could be negative.
