Bitcoin (BTC) broke the first obstacle in the form of a resistance diagonal, which again brought us closer to the first price resistancewhich is around $ 47,000. As has been said, retracement to this level would make sense. However, I’m quite skeptical that without a longer consolidation to $ 42,000, Bitcoin will move meaningfully. Quick yeasts just don’t last long.
Current situation at 1D BTC / USD
A few days ago, a potential bottom in the form of a Doji candle formed in our chart. It was a clear signal that under the support were expected with large enough purchase orders, which reliably stopped the decline. So I wouldn’t be afraid to call it bear trap.
Then Bitcoin got to the first obstacle in the form of a resistance diagonal, where there was a small fight. Bulls emerged triumphantly. Then came the consolidation that continues to this day. Bitcoin is halfway to the first key resistance, which is around $ 47,000.
I must remind you that there is a fairly strong resistance confluence, because it is close 200-day and 50-day moving average. Above all, it is at level i high volume node volume profile. Volumes are a very robust factor, which makes this resistance a really strong barrier.
Indicators
The daily RSI is at 40 points, which is already a decent distance from oversold values. Just for completeness, daily values RSI they fell shortly below the 30-point mark, but not for long. Basically, they just crossed them out.
In conclusion
So far, market technology suggests that Bitcoin can at least test the $ 47,000. But I am very skeptical that there will be a quick breakthrough as at the turn of September / October last year. The consolidation was short. We will talk more about this in today’s stream on the Sharks Channel.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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