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Bitcoin is trading around 69,635, showing strong bullish momentum. Eventually, BTC is likely to reach the landmark level of $70,000 in the next few hours and could even reach 7/8 of Murray located at 71,856.
If Bitcoin reveals signs of exhaustion, it could resume its bullish cycle if it consolidates above 6/8 Murray located at 68,750. If it reaches 21 SMA, it will also be seen as an opportunity to resume buying.
We can see on the H4 chart that Bitcoin has been trading within an upward trend channel forming since July 16. Besides, a secondary upward trend channel is observed. Bitcoin is likely to continue trading within this upward channel, so we will look for opportunities to buy every time a technical correction occurs.
On the contrary, a break below $68,000 could cancel the bullish cycle and we could expect a technical correction to occur. Then, the price could reach the bottom of the main uptrend channel around 65,625. Finally, it could sink as low as the 200 EMA located at 64,267.
Our outlook remains positive and we will look for opportunities to buy Bitcoin above 68,000. The Eagle indicator is showing a positive signal which supports our bullish strategy.
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