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Bitcoin is trading around 65,350, above the 21 SMA, and above the downtrend channel forming on the H1 chart. In the chart, we can see that Bitcoin has decisively broken the symmetrical triangle pattern.
In the next few hours, Bitcoin is expected to continue rising. In case of a pullback towards $64,000, it will be seen as an opportunity to buy with the target at 67,706. Above this area, BTC could reach 71,875.
With a consolidation above $65,000 on the H1 chart, Bitcoin could continue to rise with targets at the 200 EMA located at 67,700. If Bitcoin encounters rejection around this area, a technical correction is likely to occur and will be seen as an opportunity to sell.
On the contrary, if Bitcoin breaks and consolidates above $68,000, the outlook will continue to trade higher until reaching the psychological level of $70,000 and even 71,900.
A return of Bitcoin below 63,500 could change the outlook and in the short term, it could reach 4/8 Murray (62,500). Below this area, it could reach the psychological level of $60,000 and even up to 3/8 Murray at 59,375.
Our trading plan for the next few hours is to buy BTC/USD above the 21 SMA located at 64,465 with the target at 67,700. The eagle indicator reached the oversold zone on April 13. Therefore, any technical rebound above 64,000 will be seen as an opportunity to buy.
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