Bitcoin, having attempted several times to break the Murray 4/8 level around 112,500, is now trading above this area and is likely to reach the 200 EMA around 115,041 and even the Murray 5/8 level around 115,625 in the coming days.
Bitcoin was trading within a downtrend channel that had formed since August 21, and we are now seeing a breakout of this channel. If BTC falls, it will be seen as a buying opportunity around 111,335, where the 21 SMA is located, with targets at $115,000.
Bitcoin has begun a bullish trend since the low of $108,700 and has been retreating. Therefore, we could expect it to reach the top of this channel around $114,500 in the coming hours or the bottom of this channel around $111,420.
We will look for opportunities to buy Bitcoin above $111,335 and sell below $114,600 in the coming hours. This price range is likely to remain in the next few days.
