Bitcoin is trading around $75,370, rebounding after reaching the 4/8 Murray line and consolidating above this level. This makes us believe BTC may have found strong support.
Bitcoin rose, attempting to break through the 5/8 Murray line and the 200 EMA, but fell unsuccessfully from $78,000 to $75,000, which suggests it could rebound in the coming days. This could be seen as a buy signal if the price consolidates above the 4/8 Murray line.
If bearish pressure prevails and Bitcoin trades below $75,000, we could sell with targets at the lower band of the downtrend channel formed since May 12, around $72,765; it could even reach the 3/8 Murray line around $71,875.
A return above the 21SMA and 200 EMA could signal a strong Bitcoin recovery, and we could expect it to reach the 8/8 Murray level around $81,250 and potentially even the 7/8 Murray level around $84,375.
The Eagle indicator is showing a negative signal; should a pullback occur toward $77,296, it could be seen as a signal to resume selling.
Our trading plan for the coming hours is to buy Bitcoin above the psychological level of $75,000 with a stop-loss below the May 23 low.
