Bitcoin is trading around $63,218, pulling back after reaching the 61.8% Fibonacci retracement level over the weekend. BTC is currently trading below the uptrend channel formed since June 30 and below the 200 EMA and the 21 SMA, which suggests a bearish outlook for the coming days.
Bitcoin could recoup some of its losses in the coming hours; to do so, we should watch for the price to consolidate around the 6/8 Murray level at $62,500. A technical bounce above this zone could be seen as a buying opportunity, with targets at about $64,323 near the 200 EMA.
If Bitcoin encounters strong resistance around $64,500 and fails to break through and consolidate above this zone, it could be seen as a signal to resume the bearish cycle, and it is likely to continue falling in the coming days until it reaches the psychological level of $60,000.
The Eagle indicator is showing a negative signal, so any pullback or retracement could be seen as a signal to sell in the coming days.
According to the Fibonacci indicator plotted from the high of $67,000 to the low of $63,700, the 161.8% Fibonacci extension level is projected at $60,500. We believe that if the price of Bitcoin continues to fall, it could reach this zone.
Our trading plan for the next few hours is to continue selling Bitcoin in the event of a technical rebound, and as long as the price consolidates below $65,000, our outlook will remain negative for the coming days.
