Weekly chart:
Bitcoin is moving into the area drawn in the 60K rectangle representing a very strong psychological resistance and 48K an important support.
In my opinion BTC is consolidating between 48K and 50K and I think this level represents a great entry price to buy.
Let's see the daily chart:
Next 44K area support, but from 48K in the lower time frames it is always bouncing.
I traced Fibonacci starting from the minimum formed in February 2021:
We have to overcome area 52k and then 54K to project us higher.
As long as we stay above the $ 48000 support level, the priority remains bullish. From a daily perspective, a close above 48K is needed. I think we are still in an uptrend.
Graphics: tradingview.com
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Thanks for reading I look forward to your comments.
