Bitcoin heading towards an important point

What's in this article

Bitcoin has been trapped inside a lower low and lower high pattern. Such patterns can break out both ways.

Bitcoin price today is $48,838.58 USD with a 24-hour trading volume of $30,247,615,861 USD. Bitcoin is up 6.81% in the last 24 hours, with a market cap of $923,380,858,099 USD. It has a circulating supply of 18,906,793 BTC coins.


Bitcoin: Analysis

Looking at the chart below shows that a similar breakout is happening on the 4-hour chart. We have one confirmation candle with further confirmations (like breaking the previous high of $49500, fib 0.5) we can predict with more confidence that Bitcoin is finally bullish. As the above image explains, after such breakouts we usually see the reversals. We can see a reversal to $46400, fib 0.786, or the trend line at $47200. The local resistance here is the previous high, as said earlier. Bitcoin has considerable resistance at the psychological price level of $50,000.

Source: Tradingview

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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