Bitcoin is approaching its high of 68,890, the level reached on November 7, 2021. Now BTC is likely to try to exceed it. It could also reach this area. This move will be followed by a strong technical correction.
According to the weekly chart, Bitcoin has been extending a strong uptrend for five consecutive weeks. After having broken the psychological level of $50,000, it is now approaching the $70,000 landmark. In case the uptrend prevails, we could expect BTC to reach 6/8 of Murray at 75,500.
On the contrary, if Bitcoin falls below 68,800 (2021 high), we could expect a technical correction towards 5/8 Murray at 62,500. Below this zone, the crypto could accelerate its fall towards 4/8 Murray around $50,000.
Technically, BTC is strongly overbought according to the daily and H4 charts. So, there is a probability that a technical correction will occur in the coming days and BTC could reach the $50,000 area.
Our trading plan is to sell Bitcoin if it trades below $69,000. In case it reaches $70,000, we could expect a correction that will be seen as an opportunity to sell.
