Bitcoin is recovering rapidly after reaching the key low of 103,501, which coincided with a sharp drop from the October 10th low, forming a double bottom pattern.
Bitcoin is now consolidating above the 3/8 Murray and above the 21 SMA, which suggests that it could continue to rise in the coming days to reach the 4/8 Murray at 112,500. BTC could even attempt to break the strong dynamic resistance of the 200 EMA around 114,120.
If Bitcoin breaks and consolidates above $114,000, we could expect a strong recovery and the price could reach the 6/8 Murray around 118,750.
On the other hand, if there is a technical correction below the psychological level of $110,000 in the coming hours, we expect the price to find strong support around either the 109,375 or 107,900 levels. This could be seen as an opportunity to enter long positions.
The Eagle indicator is showing a positive signal, so any pullback in the Bitcoin price will be seen as an opportunity to continue buying.
