Bitcoin’s strong recovery to $49,000
Both moving averages(EMA 20 And SMA 50 ) on the 4-hour chart are sloping up and the RSI is near the overbought zone, indicating the path of least resistance is to the upside. The price has been consolidating in a tight range between $47,000 and $48,495 for some time.
If bulls thrust the price above $48,843, the pair could rise to the psychological mark at $50,000 and then challenge the stiff resistance at $52,920.
Conversely, if the price turns down and breaks below the 20-EMA, it will suggest that short-term traders are booking profits. The pair could then drop to $45,000 and later to the 50-SMA.
In any case, we have to consider the issue of ETF, which we will probably hear about in mid-October.
Whether with shaving or shedding or without bears and with bulls. We can expect bitcoin to reach $ 88,000 by early November.
Please do not base this on your sales. This is a personal analysis.
If bulls thrust the price above $48,843, the pair could rise to the psychological mark at $50,000 and then challenge the stiff resistance at $52,920.
Conversely, if the price turns down and breaks below the 20-EMA, it will suggest that short-term traders are booking profits. The pair could then drop to $45,000 and later to the 50-SMA.
In any case, we have to consider the issue of ETF, which we will probably hear about in mid-October.
Whether with shaving or shedding or without bears and with bulls. We can expect bitcoin to reach $ 88,000 by early November.
Please do not base this on your sales. This is a personal analysis.
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