Bitcoin Chart Analysis
Bitcoin is at a crucial point right now. Either we go steeply up now in the next few hours, or we are threatened with another sell-off. At the moment we are at around 47,500 USD.
The last few days have been very volatile. Briefly, we fell into the USD 43,300 area after seeing a quick sell-off from around USD 46,700. Our support zone has held. Furthermore, we have confirmed the 0.382 Fib. Retracement level as support confirmed.
At the moment, it seems that we are confirming the 0.236 Fib. Retracement as support. The RSI on the 1H chart is just below the overbought territory.
Right now, I see two possibilities that couldn’t be more exciting. Above us on the 4H chart is just the 200 EMA as resistance. Should we break through this and confirm it if necessary, Bitcoin could quickly rise towards $50,000 as there is no resistance in between after the quick sell-off we saw then.
However, if we fail to get above the last resistance, we could be threatened with a final sell-off towards the 42,000 USD region and the bears could take over again. The next few hours will decide the further course.