The consolidation of the Bitoin price is respecting the downward trend channel that was formed since the beginning of March.
In the last few hours, we can see that Bitcoin is forming a symmetrical triangle pattern. A breakout of this pattern could be the key to further move higher.
Only a sharp break of the downtrend channel and a confirmation of the symmetrical triangle above 41,350 could be the signal to buy Bitcoin with targets at the top of the resistance at 45,500.
Conversely, a close on the 4-hour chart below the 200 EMA and below the psychological level of $40,000 could cause a downtrend move and the price could reach 4/8 Murray again at 37,500 and towards the bottom of the downtrend channel at 34,325.
The eagle indicator is in a neutral zone. Having generated a bullish signal, it started a correction. In the next few hours, Bitcoin is likely to break the psychological level of 40,000. The negative signal could be activated again and we could have an opportunity to sell.
Our trading plan is to wait for a break of the symmetrical triangle above 41,350 to buy with targets at 45,500 or a break below $40,000 to sell with targets at 37,500 (4/8 Murray) and 34,375 (2/8Murray).
