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Bitcoin is trading around $77,829 after reaching the $79,440 level—a level it had previously hit on April 20—and is currently forming a double top pattern.
This pattern signals a trend reversal, so we must be very cautious if BTC consolidates below $77,800 and below the uptrend channel; it could reach $75,000 and might even hit the 200 EMA around $73,550.
Conversely, if Bitcoin consolidates above the 21 SMA and continues trading within the uptrend channel formed since early March, we could expect it to continue rising and even surpass its weekend high above $79,500, potentially reaching the 6/8 Murray level around $81,250.
Given that Bitcoin is showing a positive signal, we could consider the $77,500 area a strong support level, as it is reaching the lower band of the uptrend channel. Hence, we could open long positions with targets at around $81,000. However, we must be very cautious, as a break below this level could trigger a sharp decline in Bitcoin.
If we look at the H4 chart, since April 21, Bitcoin has been consolidating below the 5/8 Murray line around $78,125. This scenario could be setting the stage for a strong upward move or a sharp decline in the coming days.
We will see what the target turns out to be, so we must be very careful and keep a close eye on the technical chart in case the price moves below or above this range.
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