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Bitcoin is trading around $63,645, above the 21 SMA, and above the 0/8 Murray level, with a positive bias. However, BTC may struggle to continue rising as we observe a resistance level around $64,000.
Given that Bitcoin is showing a positive signal, we could continue buying in the coming days until it reaches the strong resistance of the 1/8 Murray level around $66,625.
Bitcoin is trading within an ascending trend channel formed on June 5th and could technically reach the upper band of this channel in the coming days. From that area, it could resume its bearish cycle.
According to the H4 chart, the area to take short positions could be when Bitcoin reaches $65,625 or the upper band of the ascending trend channel around $66,000. A break below this zone would be seen as a sell signal with targets around the Murray 0/8 level at $62,500.
If Bitcoin doesn't have the strength to rise to $66,000, we could expect it to form a double-top pattern around $64,000. It could then reverse bearishly and return to the $62,000 level around the 21-period SMA. Even if BTC breaks below the ascending trend channel, it could return to the $59,375 level.
Our trading plan for the next few hours is to wait for Bitcoin to break above $64,000 and then buy or sell below $64,000, with targets at $62,500 and around the psychological level of $60,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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