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Bitcoin is trading around $64,735, above the 200 EMA and 21-day moving averages, with an uptrend. Therefore, we believe BTC could continue to rise in the coming days until it reaches the upper band of the uptrend channel, around $67,500.
Given that Bitcoin now has upside potential after finding solid support during Tuesday's session around $62,000, a technical correction and consolidation above the 200-day moving average—around 63,722—could be seen as an opportunity to reopen long positions.
If Bitcoin continues to rise in the coming hours, it could reach the 1/8 Murray level, around $65,625. This could be considered a sell signal, as the 1/8 level represents a technical reversal, and a decline toward the 0/8 Murray level, around $62,500, could be expected.
If Bitcoin falls below the 200 EMA and consolidates below this level in the coming hours, the outlook could turn negative, and it might attempt to break out of the bullish channel formed since early July, potentially reaching the -1/8 Murray level, around $59,375.
The indicator is currently showing a negative signal. Given this, we could expect it to reach a zone of strong resistance around the 1/8 Murray level or the upper band of the uptrend channel to open short positions.
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