Bitcoin has managed to bounce from the $ 45-46k area, forming a trading zone around $ 47,500, with a growing pattern.
In 1D candles the technical situation is negative, along with a bearish divergence between the RSI indicator and the price action. In 4H candles the indicators remain neutral on the way to being positive, which is a good sign. Also, Bitcoin's fundamentals could push the price all the way to $ 50k or more.
If the price breaks the moving average in 4H candles, it is highly likely that we will see a bounce at $ 44k, or a stronger correction to $ 41,200.
Remember that Bitcoin is not always technical and fundamentals often mark the direction of price action and its momentum.
In 1D candles the technical situation is negative, along with a bearish divergence between the RSI indicator and the price action. In 4H candles the indicators remain neutral on the way to being positive, which is a good sign. Also, Bitcoin's fundamentals could push the price all the way to $ 50k or more.
If the price breaks the moving average in 4H candles, it is highly likely that we will see a bounce at $ 44k, or a stronger correction to $ 41,200.
Remember that Bitcoin is not always technical and fundamentals often mark the direction of price action and its momentum.