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Last week, Bitcoin gained a return of about 13% after bottoming out at 37,524 on March 13. BTC rose last week, fueled by positive market sentiment after the Federal Reserve said there will be more interest rate hikes this year.
Bitcoin is approaching a strong resistance zone located at 7/8 Murray around 42,187. After a slow recovery of almost a week, the consolidation of Bitcoin continues with the formation of a bearish pattern.
Between March 13 and 18, Bitcoin has formed a rising wedge pattern. A breakout of this pattern could be the key to a further bearish move, but it must first break the 200 EMA which is now supporting BTC.
It is likely that as long as it remains trading below 7/8 Murray located at 42,187, this wedge pattern could confirm the bearish move. We could expect a drop below the psychological level of $40,000, with targets towards 4/8 Murray located at 37,500 and up to the psychological level of 30,000.
A daily close below the 200 EMA located at 40,269 could accelerate the bearish move towards 5/8 Murray at 39,062 and at the support 4/8 Murray at 37,500.
Since the beginning of March, the eagle indicator has been oscillating within a slightly bullish trend channel, as it was rejected by the top. Bitcoin is expected to make a technical correction in the next few hours.
Our trading plan for the next few hours is to sell Bitcoin below the 21 SMA located at 41,486. A sharp break below the 200 EMA located at 40,269 could accelerate the move down and give us an opportunity to continue selling with targets at 37,500.
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