Bitcoin is trading with a bullish signal at about 65,343 below 5/8 Murray, within the secondary bullish channel forming since September 19, and within the main bullish trend channel forming since September 15.
Bitcoin is testing a strong resistance, which is likely to happen if the price breaks 5/8 Murray. The crypto could reach R_1 around 66,485, the area that coincides with the top of the bullish trend channel and could cause a strong technical correction.
In case Bitcoin consolidates below 66,500, any bounce or move close to this zone will be seen as an opportunity to sell with the target at the 21 SMA around 64,282. Eventually, the crypto could break the uptrend channel and tumble to 60,883 or even the 200 EMA around the psychological level of $60,000.
On the other hand, a consolidation above $67,000 would invalidate our outlook. Therefore, Bitcoin is likely to reach Murray 6/8 around $68,750 and even the psychological level of $70,000.
