Bitcoin is trading around $65,000, showing a slight recovery after reaching strong support yesterday during the US session, which coincided with the lower band of the downtrend channel and the 2/8 Murray.
Bitcoin is likely to continue rising over the next few days until it reaches the 3/8 Murray at $68,750. This level also coincides with the upper band of the downtrend channel and could be seen as a point to resume its bearish cycle.
If Bitcoin consolidates above $65,600 in the coming hours, we could expect a continuation of the technical rebound, and it could reach $68,000.
Conversely, if Bitcoin finds rejection below $65,600, we could expect its bearish cycle to resume, and Bitcoin could once again fall as low as $62,500. A break below this zone could push the price down to the psychological level of $60,000, last seen on February 5.
If Bitcoin continues to rise and consolidates above the 3/8 Murray, the outlook could be positive, and we could expect it to return to the 200 EMA located at $73,129 and even reach the 4/8 Murray around $75,000.
Our strategy for the next few hours will be to wait for a technical correction around $62,500 to open long positions with a target at $68,000.
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