Bitcoin, having reached a weekly high around $116,400, is currently undergoing a technical correction and is likely to find strong support around the 21SMA at $114,600 or around the bottom of the uptrend channel formed on September 9 at $114,500.
If Bitcoin consolidates above $114,500, it will be seen as a signal to resume buying, with targets at the top of the uptrend channel around $117,448. Crypto could even reach the 6/8 Murray level at $118,750.
Conversely, a break below $114,500 could be seen as a strong technical correction, and Bitcoin could drop to the 4/8 Murray level at $112,500.
The eagle indicator on the H1 charts has reached overbought levels, and it's likely that after a technical correction, Bitcoin's bullish cycle will resume and could reach $117,500 in the coming days.
