Bitcoin is trading at $87,841, above the 2/8 Murray and the 21 SMA. BTC has been consolidating since mid-December. An upward momentum is likely to occur in the coming hours until the price reaches $89,643, where the 200 EMA is located and which also coincides with the top of the downtrend channel formed since December 7.
If the bullish force prevails in the coming hours and Bitcoin consolidates above $89,643, we could look for opportunities to buy with targets at about $93,750 around the 3/8 Murray.
On the contrary, in case of a sharp break below $87,500, there could be a bearish acceleration, and Bitcoin could reach the 1/8 Murray around $81,250.
Given that Bitcoin is consolidating above $87,500 as long as the price remains above the 2/8 Murray, there is a likelihood of reaching $90,000. A break above the 200 EMA could favor an upward movement. Hence, BTC could reach the psychological level of $100,000 in the medium term.
The symmetrical triangle pattern could give us a signal for a strong movement in the coming days, so we must be alert to a break below $87,500 or above $89,500.
