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Bitcoin is trading around $62,856, rebounding after reaching the 61.8% Fibonacci retracement level drawn from its low of $59,000 to its high of $64,400.
Bitcoin consolidated for a few hours above the 61.8% Fibonacci level, which gave it the opportunity to resume its upward cycle. The cryptocurrency is now consolidating above the 0/8 Murray level and above the 21-period SMA, which suggests it could continue rising in the coming days to reach the upper band of the ascending trend channel formed since early June around the 1/8 Murray level, located at $65,600.
Given that Bitcoin is showing positive signs, and as long as the price remains above the 0/8 Murray level around $62,500, it will be seen as a positive buy signal. It is expected that in the short term, BTC will reach the 200 EMA around the psychological level of $70,000.
In the event of a technical correction, while the upward trend channel remains intact, we could expect Bitcoin to find strong support around $61,600. This level could coincide with the lower band of the upward trend channel and, in turn, give Bitcoin a new impetus to continue rising in the coming days.
Only a drop below the 61.8% Fibonacci retracement level around $61,000 could change the scenario for Bitcoin, and we could expect it to return to a low of $59,375. BTC could even continue falling and reach $54,500 around the -2/8 Murray level.
Our trading plan for the next few hours is to buy Bitcoin from the $62,500 level, with targets at $63,000, $64,500, and $65,600.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
