Bitcoin remains bearish despite breaking $48,000 mark


TL;DR Breakdown

  • Bitcoin price breaks $48,000 mark after seeing a dip.
  • Crypto market still bearish though price of assets are beginning to pick up.

Just two days ago, the trend that followed the Bitcoin Market saw its price take a dip from $52,000 to a whopping $45,000. This is an approximately 15% loss which occurred on the Bitcoin market.

Today, there is a 2% increase in the price of Bitcoin which saw it move up the charts to slightly over $47,000. Although the new trend has let in a significant ray of hope in the minds of crypto investors, there is still a hint of fear as to what the charts might suddenly undergo once more.

source: TradingView

The 4-hour chart running short term outlines what Bitcoin investors and miners should expect today after it drifted further away from the 200 EMA. Bitcoin disappointingly brokered beneath its regular price as it couldn’t go beyond $45,000. 

Forecasters and elite traders had remained optimistic with hopes hanging on the bulls. It doesn’t stop others who share a different opinion in believing BTC will take a bullish pennant pattern, shifting the curve towards more dip (around $42,700).

This bullish pennant pattern would swell, leaving the BTC Market vulnerable and extremely unstable. The 4-hour chart curve running short term will also continue to see bearish movement until positive change occurs. Additionally, a further crash in the previous ATH ($42,700) might cause BTC value to sink further till it reaches the $40,000 by the end of today. 

Bitcoin breaks $48k mark

However, the BTC market curves has continued to follow a progressive pattern and has even risen slightly above $48,000 with a 9.09% increase within the last 24 hours. Citibank had within the earlier hours of today released a report which explained the sudden rise of the BTC due to Macro-conditions and foresee BTC reaching a “Tipping Point” sooner rather than later.

What to Watch out For:

Key Support Levels: $42,760, $42,000, $40,286 and so on.
Key Resistance Levels: $44,000, $44,750, $46,000 and so on. 

Here, it can bee seen that everyday RSI places the bearer in stability and control. Thereby, ensuring a particular curve is attained as at January 2021 after which a rebound occurs. Now, based on the 4-hour charts running short term, the bullish divergence trends will appear strongly keeping the price marks below average with RSI rising slightly above. This could then beckon on the possibility of a new comeback .

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