While Bitcoin (BTC) closed negative yesterday, the 1.45% drop remained as an extremely healthy correction according to the current uptrend. There has been a recovery in the last 12 hours.
Bitcoin (BTC) found balance at an average level of $ 45,400 after falling to $ 44,500 for a short time with the sales that came as it could not be permanent in the band of $ 46,000 yesterday. In the European session, it is seen that new buyers are coming.
When we look at the price action of the last 2 days, the 3-hour chart shows us that a resistance line has formed in the range of $ 46,000 - $ 46,200. A 3-hour candle close above this area could test the long-term resistance price (Fib 0.50) at $46,800.
3-Hour BTC/USDT Chart
In case of a break of 46.800, we can see that BTC / USDT will enter a new band. This can bring a rise up to $ 50,800.
While Bitcoin's recent price movements show that there is a break on the bullish path, it can be said that the EMA values in these 2 two-day horizontal positions act as a solid dynamic support. Today, the 8-EMA at $46,200 is the first support price and just below the 21-EMA at $45,180 can be followed as the 2nd support.
As long as BTC/USDT closes daily above $45,000, the uptrend may continue. Because on the 3-hour chart, the Stochastic RSI is repositioned for the continuation of the uptrend. In addition, the CMF indicator is in the positive territory today, reflecting short-term capital inflows.
All in all, $46,800 is a key resistance price that needs to be broken for a continuation of the rise. Failure to pass this level could create downward pressure and the $45,000 support could become important. Below $45,000, another important support to watch is the $42,500-$800 range.
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Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.