Welcome to this quick update on BTC .

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It’s been 3 days since BTC broke down below the $47k support (which is now resistance). Since then BTC is continuously trying to break through the $47k ceiling but it is failing every single time. The weekly close turned out to be a rejection which was not good. I was expecting a close above $47k to continue a higher rally but it didn’t happen.

Now, we still have support level 1 at $44.6k from where BTC could bounce back if it drops. Also, we have a $42.5k support level to hold the price in case BTC dumps further down. A breakout on the other hand will target to break through the $48k ceiling and then all the way to $52k.

Considering the RSI then it is making a lower low but the actual chart shows higher lows. This is a bearish sign and it looks like we may see a slight rejection on BTC and then a bounce.

What do you guys think about BTC and its current price movement?
Let me know in the comments.

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