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Bitcoin is trading around 116,551 with a strong upward movement after breaking above the 21SMA and the 200EMA.
Bitcoin has regained strength after reaching the 4/8 Murray zone around 112,500. It is likely that it could encounter strong resistance around 117,100, which represents the top of the downtrend channel formed since July 21.
If bullish strength prevails, Bitcoin finds an opportunity to continue rising. Another barrier is likely to appear, representing a strong top around 118,750. This level is key for Bitcoin and could serve as a selling point.
On the other hand, if Bitcoin falls below the 200 EMA located at 114,500 and consolidates below this area, it is expected to reach 112,500 and even reach the bottom of the downtrend channel around $111,200.
The next key resistance levels are 116,750, 117,100, 118,100, and finally 118,750.
Immediate support for BTC is the 5/8 Murray level at 115,625, the 200 EMA around 114,500, and finally the 4/8 Murray level at 112,500.
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