Bitcoin is trading around 59,123, forming a symmetrical triangle pattern, and within the downtrend channel formed on August 23. BTC/USD could resume its bullish cycle if, in the next few hours, it consolidates above 3/8 of Murray. In turn, it should break out of the symmetrical triangle and consolidate above $59,350.
In case Bitcoin continues its decline, it is expected to reach the weekly support around 57,839. This level is key, and we expect a technical bounce in this area that could offer a buying opportunity.
In case Bitcoin resumes its bullish cycle, we will look for opportunities to buy around 57,900 or above 59,350. Both levels can give us a positive perspective, with targets at 61,276. In this area, it is located at the 200 EMA, and we could finally reach 4/8 of Murray located at 62,500.
On the other hand, a consolidation below the strong weekly support around 57,800 will allow Bitcoin to accelerate its bearish move and reach 2/8 of Murray at 56,250 and eventually reach the psychological level of $50,000.