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Bitcoin is trading around 62,500, above 2/8 Murray, and within a secondary downtrend channel forming since March 17. According to the H1 chart, we can observe that Bitcoin is trading within an overall bearish channel forming since March 11.
In the last hours of the European session, we observed that BTC is bouncing above 2/8 Murray. If it consolidates above 62,500, the price could reach the top of the bearish trend channel around 66,700. If this level is exceeded, the crypto could reach the 200 EMA located at 67,456 and finally, 3/8 of Murray at 68,750.
On the other hand, Bitcoin could extend its decline and reach the bottom of the downtrend channel around 58,500.
The psychological level of $60,000 could be a key to a strong rebound which could give bulls a chance to resume buying. However, if Bitcoin consolidates below 58,500, a strong bearish acceleration could occur and BTC could reach the key $50,000 level.
A pullback towards the 200 EMA located at 67,456 or towards 3/8 Murray located at 68,750 could be seen as an opportunity to resume selling. We could take advantage of this area to sell with targets at 62,500 and finally, at 58,690.
ETH is approaching the psychological level of $3,000 level which also correlates with Bitcoin. Investors could use this opportunity to resume buying. In turn, this could coincide with the psychological level of $60,000 - 58,500 in BTC and hence, we believe that will be a good point to buy.
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