Leading crypto chartist Skew provided an insightful update on Bitcoin’s price action after facing rejection at $48,000 resistance:
In the assessment by analyst Skew, the current market movement draws parallels to the earlier rally and subsequent downturn in early January. Notably, $48K appears to be a significant resistance level, as evidenced by a rejection candle on the 4-hour chart and notable spot selling.
Despite this, the 4-hour trend and overall market structure remain intact, maintaining a bullish pattern characterized by higher highs (HHs) and higher lows (HLs). However, Skew points out the potential risk of breaching the $44.7K support level, which could pave the way for a downward shift towards $43K and $40K. The analyst also notes that witnessing a wick filling down to $44.7K would not be unexpected in the current market dynamics.
While showing signs of exhaustion at range highs, Skew notes the 4-hour uptrend remains intact for now unless the $44,700 support level is lost. Dips back towards that area may offer re-entry opportunities for bulls.
Adding analysis, research group altFINS highlights Bitcoin in the process of breaking out of a textbook ascending triangle pattern with eyes on $50,000 next. Initial support is at $43,500, with stops just below that.
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Show more +They further note BTC trending upwards across short, medium, and long-term time horizons with bullish momentum. This aligns with Skew’s perspective of buyers still being in control unless proven otherwise via a sweep of lows.
In summary, BTC may be due for consolidation here, but the path of least resistance based on existing technical posture remains to the upside. The measured move target out of the triangle aligns closely with $50K resistance for traders playing a breakout.
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