Bitcoin is trading at $77,122 after forming an ascending wedge pattern, which is showing a positive signal. It is likely to continue rising in the coming days until it reaches the strong 5/8 Murray resistance level around $78,125; it could even reach the upper band of the downtrend channel, which coincides with this same price level.
Conversely, if Bitcoin falls below the $77,000 zone, it is likely to retest $75,000 and could even reach the lower band of the downtrend channel, which coincides with the 200 EMA around $74,350.
A consolidation on the H4 chart below the psychological $75,000 level could give Bitcoin bearish momentum, and a break below the 200 EMA around $74,300 could push BTC down to the 3/8 Murray level around $71,875.
The outlook remains bearish for Bitcoin as long as the price settles below $78,125, and it is expected to reach $71,875 in the short term. Conversely, a decisive break above the downtrend channel and consolidation above the 5/8 Murray level could see Bitcoin reach the strong resistance at the 6/8 Murray level around $81,250.
