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Early in the American session, Bitcoin is trading around $70,000 within the bearish trend channel forming since October 28 and bouncing after having reached 6/8 of Murray (68,750).
After having reached $73,626, Bitcoin made a strong technical correction towards the 68,750 area. The price has been bouncing from this point and could continue its rise in the next hours until reaching the 21 SMA or the top of the bearish trend channel around 71,500.
If Bitcoin consolidates above 6/8 of Murray, it will be seen as an opportunity to buy in the next few hours but we should pay attention to the 71,370 area where the 21 SMA is located and could act as a resistance.
Additionally, if Bitcoin reaches the area of 71,500 or the top of the downtrend channel, this could be seen as an opportunity to resume selling since there is strong bearish pressure below 7/8 of Murray. Hence, we could sell with targets at 68,750 and even at 200 EMA around 66,377.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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