Early in the American session, Bitcoin is trading around $45,425, above the 5/8 Murray, and above the 21 SMA located at $45,326.
In the H4 chart, we can see that Bitcoin is trading within an upward trend channel formed since December and has been testing this channel. If it settles above 4/8 Murray located around $43,750, we could expect Bitcoin to continue rising and it could reach 7/8 Murray at 48,437 and even the psychological level of $50,000.
If the technical correction continues for the next few hours, Bitcoin should consolidate below the 21 SMA or below the psychological level of $45K. Then, we could expect it to reach the bottom of the secondary bullish trend channel formed since the beginning of January around 44,800. If broken, it could continue moving to the next support of the main uptrend channel EMA 200 located at 42,867.
Our outlook could be positive for BTC but for this, we should monitor the key level of 45,400. Above this area, we can buy with targets at 46,875 and 47,864. On the contrary, any technical rebound as long as it trades below 47,000 means that the token is strongly overbought. Hence, a correction to 43,000 could follow.
