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Bitcoin is trading around $63,773, having rebounded during Monday's US trading session when the price reached the lower band of the downtrend channel and, in turn, found strong support around the 0/8 Murray level at $62,500.
Bitcoin has encountered strong resistance around the 200 EMA at 64,052. Given the prevailing bullish momentum, we could expect a break above this zone to continue buying, with targets at the upper band of the downtrend channel around $64,500.
A decisive breakout above the downtrend channel and consolidation above $64,000, around the 200 EMA, could propel Bitcoin toward the July 21 high of $67,000 and even $68,500, near the 2/8 Murray level.
If bearish momentum prevails and Bitcoin continues to trade within the downtrend channel, a good zone to enter short positions could be below the 200 EMA; alternatively, if it reaches the upper band of the uptrend channel around $64,500, that could be the zone to open short positions.
The Eagle indicator is showing a positive signal for Bitcoin; unless a technical correction toward $63,150 or $62,500 occurs in the coming hours, this could be considered a buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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