Bitcoin (BTC) continues to float above support zone

Bitcoin (BTC) is still holding above the $ 43,900 support area, causing the price to climb again after a crash on September 7.

While there are bullish signals in the short term, the ongoing rally appears corrective. refore, it is unlikely that this is a reversal of the uptrend.

BTC bounces

BTC declined considerably on September 7, falling to a low of $ 42,483. However, he later recovered and created a long, lower wick.

bounce validated the horizontal area of ​​$ 43,900 as support. This is the 0.382 Fibonacci retracement support level and a horizontal support area. In addition, it validated the Supertrend line as support (green).

However, although the price action still looks bullish, the MACD and RSI have turned bearish. MACD histogram turned negative when the RSI fell below 50.

Future movement

two-hour chart shows that the current bounce is trading within an ascending parallel channel. Such channels often contain remedial facilities. rise was combined with a rise in both the MACD and the RSI.

main resistance levels are at $ 47,850 and $ 49,050. se are the Fibonacci retracement levels of 0.5 and 0.618 respectively.

As long as BTC rises within the channel, the price is likely to hit these targets. However, a failure could mean that the upward correction is over.

In either case, a possible channel rupture is likely.

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wave count

wave count suggests that the decline is likely part of wave A of an ABC (orange) corrective structure.

undercut count is shown in black, indicating that there may be another decrease to complete wave A.

Although the long-term count is not yet clear, a short-term decline is likely to occur first.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

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