Bitcoin is trading around 69,701, bouncing above the 3/8 Murray and below the 21 SMA. Over the weekend, Bitcoin has been trying to break above the psychological level of $70,000 without success and has only managed to consolidate around this area.
BTC is expected to resume its cycle in the coming days and we could expect it to reach 4/8 of Murray located at $75,000.
Should Bitcoin fall below 3/8 Murray, we could expect it to reach the 200 EMA located at 65,382.
Since March 21, Bitcoin has been consolidating within a rectangle pattern. We reckon if there is a break below 68,750, the price could fall towards 2/8 Murray located at 62,500.
On the other hand, a break above 71,500 could accelerate the bullish movement and could reach 4/8 of Murray located at $75,000.
As Bitcoin is trading within this pattern in the coming days, we could look for opportunities to buy above 68,750 and sell below 71,500.
