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On the H1 chart, Bitcoin is trading around $95,000 above the 21 SMA and below the 200 EMA within a bearish trend channel forming since February 14.
If Bitcoin breaks and consolidates above 96,000 in the next few hours, it will be seen as an opportunity to continue buying with a target at 96,875. We could finally take profit around the psychological level of $100,000 located at 4/8 Murray.
On the contrary, if Bitcoin falls below 95,709, it will be seen as a continuation of the corrective movement and the price could reach $93,000.
On the daily chart, Bitcoin has been consolidating above 93,700 and below $100,000 since early February. This suggests that Bitcoin is waiting for important news to choose a trajectory, which could imply a strong technical correction.
In the next few hours, we can buy Bitcoin at the current price levels above 95,000 with targets at $98,000 and even at the psychological level of $100,000. The eagle indicator is generating an oversold signal. Thus, the crypto is expected to gain a bullish momentum.
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