Bitcoin is trading around 111,188, above the 3/8 Murray level and rebounding after reaching the psychological level of 110,000 during the European session. The price is even nearly reaching the 3/8 Murray level around 109,375.
Given that we are seeing a technical rebound, we can expect Bitcoin to continue rising in the coming hours, reaching the 4/8 Murray level at 112,500 and possibly even reaching the top of the downtrend channel around 114,200.
If there is a sharp breakout of the channel and consolidation above the 200 EMA and above the 5/8 Murray level, we could expect Bitcoin to reach the 6/8 Murray level around 118,750 and possibly even return to the 125,000 level.
Conversely, a consolidation below the 3/8 Murray line at 109.375 could encourage the bearish pressure, and Bitcoin could reach the October 11 low around $103,000 and even reach the psychological level of $100,000.
Our outlook is bullish as long as the Bitcoin price consolidates above the 3/8 Murray line. If this scenario comes true, we can look for buying opportunities with a target at 115,700.
