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BTC/USD is trading around $61,927, below the downtrend channel, and bouncing after reaching the low of $59,619, a level that coincided with the area of 3/8 Murray.
On the H4 chart, we can see that Bitcoin has been under strong downward pressure since April 11. Only a sharp break above this channel could change the outlook into positive for BTC.
If this scenario occurs, we could look for opportunities to buy provided that the cryptocurrency consolidates above 62,500 or above the 21 SMA located at 63,037.
On the contrary, if BTC fails to break this downtrend channel, the bearish cycle could resume and the price could reach the psychological level of $60,000 and could continue its fall until reaching 2/8 Murray located at $55,000.
The eagle indicator reached an extremely oversold zone on April 17. From that point, it is giving a positive signal. Our trading plan is to wait for confirmation of the breakout of the trend channel to buy with targets at the 200 EMA located at 66,172, 68,750 and finally, at 7/8 Murray located at 71,875.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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