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Bitcoin is trading around $74,687 following a strong upward move and a gain of more than 20% over the past few days. On August 16, Bitcoin was trading around $62,500, and so far, it has gained more than $13,000, which means it is entering an overbought zone.
Bitcoin reached the psychological level of $75,000 and, in turn, hit the upper band of the uptrend channel around $75,700. Therefore, Bitcoin will likely consolidate below this zone in the coming hours, and we could expect the price to continue rising in the coming days, potentially reaching $76,800.
Given that the Eagle indicator has reached 95 points, we believe a technical correction could occur in the coming hours. Therefore, we should monitor Bitcoin's price; as long as it remains below the 8/8 Murray level around $75,000, this could be considered an opportunity to open short positions.
We will look for opportunities to sell below $75,000 with targets at $71,000 and ultimately expect it to reach $68,750.
If the price breaks above $75,000, we must be very cautious, as the upward pressure and momentum could continue to drive Bitcoin's gains; we could expect it to reach $76,880 or even the psychological level of $80,000.
Our trading plan for the next few hours will be to monitor whether BTC remains below 8/8 Murray. This will be a key zone for selling; if it breaks below it, our strategy will be to open short positions, expecting a correction down to the 61.8% Fibonacci level around $68,750.
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