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Early in the American session, Bitcoin (BTC/USD) is trading around 98,472, above the 21 SMA, and below the bearish trend channel forming since December 3, showing some recovery.
Bitcoin has always moved within trend channels. So, we believe that there could be a technical correction below 99,500. Thus, the price could reach the 96,400 area.
Technically, we expect a range of price movements between $100,000 and $95,000. Once a sharp break of the bearish channel occurs, then BTC could reach +1/8 Murray located at 106,250.
On the other hand, a sharp break of the symmetrical triangle pattern and consolidation below $95,000 could lead to a drop towards the 200 EMA located at 92,131. The final target to reach is $87,500 around 6/8 of Murray.
Technically, Bitcoin should correct 20% to 30% from the current price level. So, we believe that Bitcoin could reach the levels of 80,000 or $70,000 in the next few weeks or next year.
Our trading plan for the next few days is to sell Bitcoin within the symmetrical triangle pattern or below the psychological level of $100,000 with a target at $92,000. We may buy above this area with a target at 106,250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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