- Bitcoin’s ascension is based on a retest and break strategy within an ascending parallel channel.
- BTC/USD keeps soaring after it break beyond the $48,000 resistance level.
- Bulls are next expected to lift the market to the upper border of the channel at $52,000.
BTC/USD keeps soaring after it breaks beyond the $48,000 resistance level. The $48,000 supply level, alongside $42,500, seemed to have posed the highest obstruction to the upward movement of the coin since it began its rally on the 21st of July, 2021 from rock bottom at $30,000. It took Bitcoin a total of 14days to finally make a soaring move above $48,000. The market has been climbing up a channel, a double retest back to $43,000 aided BTC above $48,000.
BTC/USD Key Levels
Resistance Level: $48,000, $52.000, $60.000
Supply Level: $43,800, $37,500, $30,000
BTC/USD Long Term Trend: Bullish
Bitcoin has found a way of adjusting itself through the barriers it has face to climb this much high. Its secret, technically speaking has been based on a retest and break strategy within an ascending parallel channel. The coin has been trading in the upper half of the channel through weaker barriers, undulating as it climbs. But for the stronger resistance level at $42,500 and $48,000, BTC/USD drops to the lower half and shoots out to break the resistance levels.
Bitcoin has now broken free of the $48,000 key levels and has moved back to the upper half of the ascending channel. The nature of the next resistance at $52, 000 will determine if Bitcoin will retrace again to the lower half or keep trading above it. The EFI (Elders Force Index) having its force line move and remain above the zero level despite the light and heavy retracement shows the market has much buyers working in the background.
BTC/USD Short Term Trends: Bullish
The resistance at $48,000 extends up to $49,450 and the 4-hour chart shows us that the market entered into this zone on the 20th of August, it stayed in consolidation till it broke out on the 23rd. The RSI (Relative Strength Index) signal line keeps soaring towards the border of the overbought region, and so at the 66 mark, there is still more scope for upwards movement of the coin. The EFL force line remains at a positive value to show continuous bullish drive.
Bulls are next expected to lift the market to the upper border of the channel at $52,000.
Also read: SEC Expected to Approve the Latest Bitcoin Strategy ETF Filed by VanEck
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