Bitcoin is trading around $86,272 following a technical rebound after reaching the $85,000 zone, which coincided with the lower band of the uptrend channel.
Bitcoin has the potential to continue rising in the coming days and could easily reach $87,500 around August 8. Even if it breaks above this level, it could reach $88,750, where the upper band of the uptrend channel is located.
On the other hand, if there is a pullback toward the 21 SMA around $85,496 or toward the lower band of the uptrend channel, this could be considered a signal to re-enter long positions in anticipation of further gains in the coming days.
Conversely, if Bitcoin breaks decisively below the key $85,000 level, the outlook could turn negative, and we might expect it to reach the 1/8 Murray level around $84,700 and the September low of $82,500. Finally, we reckon BTC could reach the 6/8 Murray level around $81,250, which also coincides with the 200-day EMA at $81,398.
The Eagle indicator is showing a positive signal, and we believe Bitcoin could continue its rise in the coming hours. Therefore, our trading plan suggests going long in the coming days.
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