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Bitcoin is trading around $68,750, above the 21-day SMA, with a bullish bias but showing signs of exhaustion. Bitcoin is currently within a downtrend channel and may be setting the stage for a decisive breakout.
Bitcoin tested the top of the downtrend channel around $69,000 and is showing weakness, so we believe there could be a technical correction in the coming days.
If Bitcoin falls toward the 21 SMA zone around $67,468, this could be seen as an opportunity to buy, with targets at the 200 EMA around $69,732.
A decisive break of the bearish trend channel and a consolidation above the 200 EMA could negate Bitcoin's bearish scenario, and we could expect it to reach the 4/8 Murray level around $75,000.
Conversely, if Bitcoin falls below the 21 SMA, we could expect a bearish acceleration, with Bitcoin reaching $65,000 and potentially hitting the 2/8 Murray level around $62,500.
Our trading plan for the coming hours is to wait for a technical correction toward $67,000 and then enter long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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