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Bitcoin is trading around 60,245, above 3/8 of Murray, and within the uptrend channel forming since August 5th.
Yesterday at the end of the American session, Bitcoin gained a strong rally, reaching the 200 EMA and 4/8 of Murray and breaking the top of the uptrend channel. As this area was a strong resistance zone, Bitcoin failed to consolidate above $62,500 and made a technical correction.
Since Bitcoin is above the psychological level of $60,000, a technical bounce is expected to occur and it could rebound to 62,319 or climb towards $62,500. If BTC fails to consolidate above this area for the second time, we could expect a technical correction towards the bottom of the bullish trend channel.
On the contrary, if Bitcoin consolidates above 62,500, the outlook will remain positive and the price could reach 64,340 and finally, 5/8 Murray around 65,625.
If Bitcoin consolidates below $59,000 in the coming days, we could expect a change in trend. Hence, Bitcoin could turn around and fall to the levels of August 5 around the psychological level of $50,000.
The eagle indicator is showing a positive signal. We believe that we could look for buying opportunities above $60,000.
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