BITCOIN (Technical Analysis) ✅
Updated
☑️ #Bitcoin resumed an uptrend movement after breaking the $ 47,000 resistance. Now, with the $ 48,000 resistance behind, it is possible to climb further to higher levels.
Bitcoin initially gained momentum after overcoming the resistance of $ 46,000. It then managed to break the $ 47,000 resistance and the 100-hour moving average.
It has finally crossed the $ 48,000 resistance so far and has reached the $ 48,481 peak. #BTC is now trying to stabilize its current position. The first level of support downstream is considered to be $ 48,000. The BTC/USD hourly chart also shows a bullish trend line with support around $ 48,000.
Bitcoin is currently well below the 23.6% Fibonacci retracement level from the $ 43,375 floor to the $ 48,481 level. The nearest upstream resistance is considered to be around $ 48,200. In this case, the $ 48,500 range is the first significant resistance. If the cows succeed, Bitcoin will reach the key resistance of $ 50,000 in the short term. Crossing that path will pave the way to the $ 52,000 level; but if Bitcoin is not able to cross the $ 48,500 resistance, there is a possibility of a bearish correction. In this case, we considered the first support in the range of $ 48,000.
Bitcoin will seek support at $ 47,400 if the trend line collapses. The next strong support is expected in the moving average range or the $ 46,000 level. The Fibonacci level of 50% has also confirmed its validity by being close to this range.
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Bitcoin initially gained momentum after overcoming the resistance of $ 46,000. It then managed to break the $ 47,000 resistance and the 100-hour moving average.
It has finally crossed the $ 48,000 resistance so far and has reached the $ 48,481 peak. #BTC is now trying to stabilize its current position. The first level of support downstream is considered to be $ 48,000. The BTC/USD hourly chart also shows a bullish trend line with support around $ 48,000.
Bitcoin is currently well below the 23.6% Fibonacci retracement level from the $ 43,375 floor to the $ 48,481 level. The nearest upstream resistance is considered to be around $ 48,200. In this case, the $ 48,500 range is the first significant resistance. If the cows succeed, Bitcoin will reach the key resistance of $ 50,000 in the short term. Crossing that path will pave the way to the $ 52,000 level; but if Bitcoin is not able to cross the $ 48,500 resistance, there is a possibility of a bearish correction. In this case, we considered the first support in the range of $ 48,000.
Bitcoin will seek support at $ 47,400 if the trend line collapses. The next strong support is expected in the moving average range or the $ 46,000 level. The Fibonacci level of 50% has also confirmed its validity by being close to this range.
If you liked my idea, follow me for more.
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