Bitcoin (BTC) rose 7.66% yesterday and closed the day at $47,800. Thus, Bitcoin bulls took back the losses of the last 3 days. Price movements now, today and tomorrow are extremely important.
With yesterday's bullish momentum, Bitcoin (BTC) took the first step to turn a key resistance level into support. We saw a one-day close above the long-term retracement level, Fib 0.5 (46.800). If BTC closes the day above this price today, the probability of testing the $ 50,000 band may increase.
3-hour Bitcoin Chart
If we check the price action today, after reaching $47,800, there seems to be some pressure at this point. As a result of this short-term resistance, BTC/USDT has slipped back below $46,800 at the press time.
A downside break is trending to the 3-hourly 8-EMA, which is located at $46,900 today. The next dynamic support is the 21-EMA at $46,300. Hourly closes below this Exponential moving average support could increase the chances of BTC easing to $43,800 (EMA-89).
One of the key indicators, the stochastic RSI, is about to slide down from the overbought zone on the 3-hours view. This is an important sign that the correction may continue today, but the trading volume of Bitcoin bulls at the support level is the biggest factor that will determine the rate of the decline. However, we can confirm that the buy volume is low today with the CMf indicator, which has turned into a negative area.
Let's check the intermediate support levels based on the price action of the last 48 hours. According to the trend of 44,000 – 47,800 dollars; The $46.400 – 45.977 – $45,540 levels can work as intermediate support. A breakout of these supports could result in a slump below $44,000.
In summary, today, a close above $46,800 is required for the uptrend to continue, and it is important for the possible correction to hold on to the support prices listed above to prevent further losses.
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