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Bitcoin (BTC) rebounded significantly on September 14th, creating a bullish engulfing candle in the process.

This caused the breakout of a short term parallel descending channel. BTC is now approaching the $47,850-$49,050 resistance area.

Bitcoin bounce

After hitting a low of $43,400 on September 13, BTC has rebounded significantly. The next day, it created a bullish engulfing candle and reached a high of $47,250. Additionally, it is trading above the horizontal support area of ​​$43,950, the 0.382 Fib retracement support level.

While the price action looks bullish, the technical indicators are strongly bearish. The RSI is below 50, the MACD is down and is close to moving into the negative territory, and the super trend has turned to the downside. The last time this happened was after it fell from an all-time high in April.

Therefore, price action and technical indicators give contradictory readings.

future movement

The 6-hour chart looks less bearish. It shows that Bitcoin broke out of a descending parallel channel after the RSI and MACD diverged upward. Usually these channels contain corrective movements.

However, Bitcoin is approaching a strong resistance zone between $47,850 and $49,050, created by the 0.5-0.618 Fibonacci retracement resistance level.

The 2-hour chart shows that Bitcoin has already validated the channel’s resistance line as support (green icon). Also, the RSI is above 50 and the MACD is positive.

number of waves

The most probable wave count indicates that the retracement is part of wave C of the flat corrective ABC structure.

The most likely area for a top is between $47,900 – $47,950. This range is created by the 1:1 wavelength A (white) and the 0.5 Fibonacci retracement resistance level (black).

The second most likely area for a top is between $50,720 and $50,785. This is the length of wave A 1: 1.61 (white) and the 0.786 Fibonacci retracement resistance level.

Therefore, if the price moves above the 0.5 Fibonacci retracement level, it is likely to rise all the way to the 0.786 Fibonacci retracement.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes regarding the information on our website is at his or her own risk.

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