Early in the American session, Bitcoin is trading at about 69,244, forming a symmetrical triangle pattern below the 21 SMA and within the uptrend channel formed on May 30.
Should Bitcoin break sharply above the symmetrical triangle and consolidate above 69,500, it is expected to continue rising and could reach the psychological level of $70,000. The price could even rebound to 7/8 Murray levels located at 71,875.
On the contrary, if Bitcoin breaks the symmetrical triangle below and consolidates below 6/8 Murray, the outlook could be negative and we could expect a strong bearish acceleration so that Bitcoin could reach 67,749 (200 EMA) and even 65,625 (5/8 Murray).
Given that Bitcoin is in a strong upward trend, our objective will be to look for opportunities to buy. Therefore, we should expect Bitcoin to trade above 69,500 to buy, with targets at $70,000 and 71,800.
