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Bitcoin is trading around $59,751, below the 21 SMA and above the -1/8 Murray line, rebounding after hitting a low of $58,900, which also coincided with the lower band of the uptrend channel formed since June 24.
If Bitcoin pulls back to $59,000 in the coming hours, it could be seen as a buying opportunity around this level, as we could expect a strong technical rebound that might reach the upper band of the uptrend channel around $61,600.
If Bitcoin consolidates above the psychological level of $60,000, it could mark the start of an uptrend and a recovery toward the upper band of the downtrend channel formed since early June, around $63,500. So, BTC could even reach the 200 EMA at around $65,322.
Conversely, if Bitcoin breaks below $58,900, the outlook could turn negative, and we might expect Bitcoin to reach the lower band of the downtrend channel around $57,200—it could even reach the -2/8 Murray level around $56,250.
The Eagle indicator is showing a negative signal and is approaching oversold levels, which suggests that Bitcoin could trade around the psychological level of $60,000 or above this zone in the coming days.
Our trading plan for the next few hours is to buy Bitcoin above the 21 SMA, with targets at $61,500 and $62,500, around the 0/8 Murray level.
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