Bitcoin Quick Update Today| #44th Update
Good Morning, traders I trust you've been profitable by staying updated on our previous analyses. you'll know the market conditions and movements.
Now BTC showing a Bullish momentum according to 4h chart & 1h chart.
Bitcoin is currently trading at $48300
I've included charts for 1D, 1W, 1M, and 4H timeframes below for reference.
š From my analysis, a correction to around 48100 or even as low as 48000 seems probable in the coming hours. If the support at 47800 holds, we may see another pump with targets at 49500 and potentially $50000.
š Failing to maintain the 47800 support could lead to further downside, with targets at 47600, 47500, 47000, and 46500.
š Notably, there's a significant amount of liquidation orders at $49000, totaling 140.59M, while the 47800 area holds 145.54M in liquidation orders.
š Whales are actively involved in both buying and selling, making the 47800 area a key level to watch.
š BTC recently broke out of a Symmetrical Triangle on the 4-hour timeframe. The current trading action suggests a potential dump followed by a retest of the trendline. A successful retest could propel the price towards 49000 and even $50000.
According to the 4-hourly chart.
4h Chart
š- Resistance: $49000
š¢- Support: $48000
According to the 1-hourly chart.
1h Chart
š- Resistance: $49350
š¢- Support: $47580
Considering the retest, there are two scenarios:
1. A successful retest could lead to a rally towards 49500 - 50000.
2. However, if the retest fails, we might see a decline towards 47000 - 46000.
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