Bitcoin is trading around $64,202 within a downtrend channel that has been forming since July 19, near the 21 SMA and the 200 EMA, with a positive bias. Therefore, we expect it to continue rising in the coming hours.
If Bitcoin consolidates above $64,250 in the coming hours, this could be seen as a positive signal, and we could buy with targets at the upper band of the downtrend channel around $65,150.
A decisive break above the downtrend channel and consolidation above $65,000 could be seen as a positive signal to buy Bitcoin, with targets at the July 25 high around $66,625, the July 20 high around $66,920, and finally around the 2/8 Murray level at $68,750.
Conversely, if Bitcoin encounters the 200 EMA zone as strong resistance, we could expect the downtrend to continue, potentially reaching the 0/8 Murray level around $62,500.
The Eagle indicator is showing a positive signal, and we expect Bitcoin to continue rising in the coming days. It could even reach the psychological level of $70,000.
Our trading plan for the next few hours will be to buy above the 200 EMA or sell below this zone.
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