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Bitcoin Aims at $47,000 as It Bounces from Basic Support

Following the most recent bounce of Bitcoin from the strong support of $39,226, Bitcoin may aim the move to the upper border of the ascending channel, which currently remains at approximately $47,780.

According to the daily chart, Bitcoin is presently in the process of a short-term reversal after successfully withholding selling pressure while remaining on the support line at around %39,000.

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Initially, cryptolifedigital observes that Bitcoin is extremely close to breaking the support that could have caused a massive plunge to $30,000.

But kudos to the support of large investors, the first cryptocurrency has successfully bounced off the lower border of the ascending channel and almost reached %42,159 but slightly retracted after encountering the first significant resistance of the 50-day moving average.

Other indicators’ data

According to data provided by additional technical indicators like moving averages, Bitcoin remains in the long-term downtrend as the 200- and 50-day moving averages are crossed with a longer period line staying above the short-term line.

Usually, a trend is considered bullish only after the 50-day MA stays beyond the 200-day moving average. Bitcoin gads its most late “death cross” back in January after plunging by more than 30% in less than a month.

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No rally is possible without a proper trading volume, which is why Bitcoin has not yet spiked to a new high as the trading volume remains at a relatively low level, while high-risk assets like digital currencies remain unpopular amid the global risk-off tendencies on financial markets.

At the writer’s time, Bitcoin consolidates at $41,800 and still fails to break the 50-day moving average, which is not usually considered a strong resistance during a ranging or slightly ascending market.

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