After the first attempt of the BTC price to rise above 48000 failed, it tried again, but again unsuccessfully. The level of 48000 showed that bulls aren’t ready to immediately punch the level of 48000. And apparently, we see the end of a bullish rally, which allowed Bitcoin’s price to rise from 40000 to 47000 dollars.
On the 4-hour chart, the BTC/USD pair demonstrates sideways moving within the range of 47000 – 48000. Now the BTC/USD pair should remain above the level of 47000 then we can expect the further ascending movement. In the case of a breakdown of 47000, we will see a decline to the support area of 46800. The movement below this level will send the pair to the area of 46400.
On the other hand, if the BTC/USD pair holds above 47000, it needs to move above 47500 and fix above this level. In this case, the pair will increase the chance of growth above 48000. To continue the growth, it is necessary to overcome the resistance area of 48000-48200. The next major resistance will be the mark of 49000. Any movement above this level will allow the BTC/USD pair to rise to the area of 50000.
