🔥 Bitcoin Facing Resistance
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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