Having reached an all-time high of $108,300, Bitcoin has been undergoing a strong technical correction. It has plunged by more than $5,000 so far. It indicates that the crypto could continue its technical correction in the next few days and reach $95,799 where the 200 EMA is located.
In case Bitcoin wants to recover part of the losses, we could expect a pullback to occur at +1/8 Murray located at 106,250. We must pay attention to this level, since below, we could expect the bearish cycle to resume and Bitcoin could fall with targets at the psychological level of $100,000 and even reach 7/8 Murray at 93,750.
On the contrary, with consolidation above 106,500 on the H4 chart, Bitcoin could accelerate its rise and reach +2/8 Murray at $112,500.
The Eagle indicator is showing a negative signal, so we will look for buying opportunities below 106,250 or below the 21 SMA located at 104,642.
The material has been provided by InstaForex Company - www.instaforex.com
