Bitcoin Chart Analysis
Bitcoin continues to be in an uptrend but is now struggling around the $46,000 area. This is where we have strong resistance. At the moment, we are at around 45,900 USD.
On the 4H chart, we can continue to see a bearish divergence in the RSI. This has been building for days already and has not been corrected yet. After the rise from around 29,000 USD to almost 47,000 USD, a correction would be needed to continue a healthy bull market.
The price target is the beginning of the chart pattern at around 37,500 USD. However, there is strong support below. Especially in the area of 40,000 – 41,000 USD, a bounce could follow. This correction should be enough, also to let the RSI cool down a bit.