Bitcoin is trading within an uptrend channel formed on the H4 chart. Yesterday, after reaching the bottom of the uptrend channel around $114,800, it resumed its bullish cycle and is now trading around $118,000.
BTC is likely to continue rising in the coming days. It could reach the 6/8 Murray at $118,750 and possibly even the top of the uptrend channel around $119,400.
A good area to look for short opportunities in Bitcoin could be the 6/8 Murray at $118,750 or the top of the uptrend channel.
On the other hand, if Bitcoin undergoes a technical correction and consolidates above $116,000, we could expect it to extend its rise. This would be seen as a buying opportunity, with a target at $118,750.
The key level to watch for Bitcoin is the 5/8 Murray zone around $115,625. Above this zone, the Bitcoin price is expected to continue rising. But below this zone, we could expect a trend reversal or a strong technical correction, with a target at $109,375.
