Early in the American session, Bitcoin (BTC/USD) is trading at 64,513, below the 21 SMA, and above the 5/8 Murray, consolidating after the drop from 70,000.
Bitcoin is trading within an uptrend channel. Therefore, if a technical bounce occurs at the bottom of the trend channel around 64,500 or at the 200 EMA, it will be seen as an opportunity to resume buying with the target at the psychological level of $70,000.
On the other hand, in case there is a pullback towards 67,280, this area represents a strong resistance, spreading even towards 68,750. It will be seen as an opportunity to sell with the target at 64,500.
A sharp break of the bullish trend channel could change the Bitcoin scenario. Hence, the price could reach the 4/8 Murray level at 62,500 in the short term and could even reach the July low of around $54,000.
Our trading plan for the next three is to buy Bitcoin if there is a bounce around 64,500 or wait for a pullback around 67,500 to sell.
