Hello guys and welcome to my new update on BTC . For today’s analysis, I am gonna use 12 hours time frame to get clear support and resistance levels.

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We saw some interesting rallies on BTC and the entire market in the last 3-4 days. Now, there’s no sign of retracement yet and things are getting more skeptical. In order to have a clear picture, let us classify some key points here.

1. Resistance 1 ($47750): BTC has recently reached the $47k level but facing some resistance at $47750. This is going to be an important level cause if BTC breaks above this resistance 1 then $52k could possibly be the next target. A rejection on the other hand could be a danger for the market.

2. The daily/weekly close: The daily/weekly close was at $46950 which is good for the market and if BTC manages to stay above the white trendline then we may see a higher rally.

3. The RSI: The RSI is in the overbought zone but still there is no sign of bearish divergence yet.

Conclusion: BTC has not shown any retracement yet so let’s be careful cause the retracement may hit all of a sudden and you won’t even know. The best thing you can do now is scalping. Play the in and out game with small capital. Make some quick $$$ and get out.

Let me know what you think about the current market scanrio.