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Bitcoin is trading around $68,926, retracing after the attempt to break the strong resistance at $72,500. We are currently observing the formation of a bullish wedge pattern. Therefore, if there is a sharp break below this pattern, it could confirm a trend change and the price could accelerate its bearish move.
A fall in BTC is expected in case of a break and consolidation below 65,000. Hence, the crypto could fall to the psychological level of $50,000 in the medium term.
Meanwhile, we believe that Bitcoin could still be consolidating in the coming days within this pattern and we could look for opportunities to sell below $72,300 and buy around $66,200.
On the other hand, if BTC reaches the top of this pattern around $72,200, a strong rejection is expected that would be seen as an opportunity to sell.
In case Bitcoin breaks and consolidates above $73,000, it could easily reach the psychological level of 75,000. Once above this level, BTC could continue its rise until reaching 5/8 Murray located at 81,250.
Meanwhile, we could look for opportunities to sell below $68,750 with targets around 66,200 and buy around this area with targets at 72,500. The eagle indicator is giving a negative signal. It means that Bitcoin is likely to continue falling in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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