Two days ago I made an analysis on the short-term price movement of Bitcoin. I foresaw a bullish move towards $48.5K, and eventually a push towards $50k.
It appears that Bitcoin is facing strong resistance at the $48.5k level, leading to two consecutive red days in a row now (assuming today will end up red).
The main area to watch for in the coming days is the Break Out Zone, ranging from $47k - $47.5k. As long as BTC stays above this area, I'm bullish.
On the other hand, the bears could take over and push the price back towards $44k, but I need proper confirmation for that.
Main target in the near term is again $48.5k.
Happy trading!
It appears that Bitcoin is facing strong resistance at the $48.5k level, leading to two consecutive red days in a row now (assuming today will end up red).
The main area to watch for in the coming days is the Break Out Zone, ranging from $47k - $47.5k. As long as BTC stays above this area, I'm bullish.
On the other hand, the bears could take over and push the price back towards $44k, but I need proper confirmation for that.
Main target in the near term is again $48.5k.
Happy trading!
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