Bitcoin is trading around $79,891, after rebounding from its low of $78,900 and consolidating around the psychological level of $80,000. The H4 chart suggests that Bitcoin may be entering a consolidation phase, so a technical rebound could be expected in the coming days.
If Bitcoin manages to consolidate above the 21-day simple moving average (SMA), currently at $80,591, in the coming hours, this could be interpreted as a positive buy signal, with targets at the Murray 6/8 level, around $81,250. Ultimately, BTC is expected to break above the 200-day exponential moving average (EMA), currently around $81,778.
A break above $82,000 could change Bitcoin's outlook, and we could expect it to approach the upper band of the downtrend channel at $84,700. If BTC maintains upward momentum, we could expect it to reach $87,500, around the Murray 8/8 level.
Given that Bitcoin is in oversold territory and the H4 chart shows a consolidation pattern, technically, we could expect Bitcoin to rebound in the coming days, but we must remain cautious, as Bitcoin has strong support around the Murray 5/8 level at $78,125. If a pullback occurs toward this zone, it could be considered an opportunity to buy Bitcoin in the coming days.
Our trading plan for the next few hours is to wait for Bitcoin to consolidate above $80,600 to buy, or to wait for a rebound around $78,500–$78,125.
