Bitcoin is trading around 70,645, bouncing after having reached the bottom of the uptrend channel forming since March 21. BTC is respecting its bullish trend which makes us think that it could probably continue its rise in the coming days and the crypto could reach 4/8 of Murray around $75,000.
Whenever BTC trades above 68,750, there is a chance that it will continue to rise and could be seen as an opportunity to buy above this area.
If Bitcoin decisively breaks the bullish trend channel and consolidates below 68,750, we could see a downward acceleration. The price is likely to fall towards the 200 EMA at 64,213 and finally, towards 2/8 Murray at 62,500.
Technically, Bitcoin is approaching overbought levels according to the eagle indicator and we could expect a technical correction in the coming days. If this scenario occurs, we should expect confirmation of a sharp break below $69,000.
Our trading plan for the next few days is to buy BTC above 68,750 or above 69,636 with targets at 72,500, 74,000 and finally, $75,000.
