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Early in the American session, Bitcoin was trading around 95,525 below the 200 EMA and the 21 SMA. On the H4 chart, we can see that Bitcoin is under bearish pressure. If the price settles below 96,300, we could expect BTC to continue falling to 93,300, a level that coincides with the bottom of the uptrend channel.
If Bitcoin bounces around $93,000 and consolidates within the uptrend channel, it will be seen as a signal to buy with the target at the psychological level of $100,000. We could even expect it to reach +1/8Murray located at 106,250.
On the other hand, if Bitcoin consolidates above 96,500 in the next few days, it will be seen as a signal to resume buying. We should pay attention to 8/8 Murray as this area has become a strong resistance and a technical correction is likely to occur below this zone.
With a consolidation above $100,000 on the H4 chart, Bitcoin could quickly accelerate its rise and could reach +1/8 Murray at 106,250 and could even reach +2/8 Murray at 112,500.
Our trading plan will be bullish as long as Bitcoin trades above $93,000. Below this zone, Bitcoin is likely to drop to 6/8 Murray located at 87,500 and could even reach the psychological level of $80,000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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