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Bitcoin is trading around $63,718 below the 200 EMA and rebounding after reaching the lower band of the uptrend channel, which also coincided with the 0/8 Murray zone, providing Bitcoin with a strong technical rebound. We believe it could continue to rise in the coming days.
A decisive break above the 200 EMA around $64,257 and consolidation above this zone could be seen as a positive signal for Bitcoin, and we could buy in the coming days with targets at the 1/8 Murray level around $65,625. Ultimately, we expect it to reach the July 19 high around $67,227 and eventually hit the upper band of the uptrend channel around $68,300.
Conversely, a break below the 0/8 Murray level and a break below the uptrend channel formed since early July could be viewed as a bearish scenario. In that case, we could expect Bitcoin to continue falling until it reaches the -1/8 Murray level around $59,375.
Our outlook for Bitcoin remains bullish for now, so a technical bounce around $62,500 or above this level will be seen as a signal to continue buying 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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