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Bitcoin is trading around $95,581, with an upward trend and a slight technical correction following its high of $96,800.
During Wednesday's session, Bitcoin reached a high of around $96,800. We expect a strong technical correction in the coming hours, as this level coincides with the top of the upward trend channel.
If the bullish momentum prevails and Bitcoin consolidates above $96,800, we could enter long positions, and the leading cryptocurrency could reach 4/8 Murray around the psychological level of $100,000.
Given that Bitcoin reached the top of the uptrend channel, a drop to the psychological level of $90,000 is expected, as occurred on January 5.
Bitcoin has support where the 21 SMA and 200 EMA are located, which also coincides with the bottom of the uptrend channel. We could open a long position around these levels. After a strong technical correction, a rebound will likely occur around this area, which should be used as an opportunity to enter long positions.
Our trading plan for the coming hours is to sell below $96,800 or $97,000 with targets at $93,750 and around the 21 SMA located at $91,700.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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