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Bitcoin is trading around 66,633, below the 21 SMA, and below the 6/8 Murray with a technical correction but within an uptrend channel forming since July 16. This dynamic still gives the leading cryptocurrency a positive outlook.
Yesterday during the American session, Bitcoin topped the psychological level of $70,000, briefly touching the level of 70,044. After four attempts to break the psychological level of $70,000, Bitcoin could not hold that price since this level coincided with the top of the bullish trend channel. From that level, it made a strong technical correction and dropped to a low of $66,000. All in all, BTC lost $4,000 in less than 24 hours.
Bitcoin has strong resistance at 68,750 and 67,977. We expect that any technical bounce back to this area will be seen as an opportunity to sell, with targets at 5/8 Murray at 65,625 and finally, at the 200 EMA at 64,436, an area that coincides with the bottom of the uptrend channel.
Our trading plan for the next few hours is to sell Bitcoin below 68,750, with the target at $65,000. If a break below this area occurs, we could look for opportunities to sell with the target at 4/8 of Murray located at 62,500.
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