Bitcoin is trading around $82,443 within a downtrend channel that has been forming since September 23, rebounding above the 21 SMA and above the 6/8 Murray line.
During Thursday's US trading session, Bitcoin hit a low near the psychological level of $80,000, reaching a low of $80,302.
Since then, BTC has been in a technical consolidation phase and is now trading above the 200 EMA, suggesting it could continue to rise in the coming days.
Given that Bitcoin managed to recover above the psychological level of $80,000, we could expect it to reach $85,500 in the coming days, near the upper band of the downtrend channel.
However, we can still see that there are strong resistance zones, such as the 21 SMA at $83,825 and the 7/8 Murray line around $84,375.
If, in the coming hours, Bitcoin pulls back toward the 200 EMA or the 6/8 Murray level, this could be seen as an opportunity to open long positions with targets at $83,800, $84,300, and finally at $85,500.
