Over the last few days, 
BTCUSDT has successfully moved above the trading range of $42,450 to $44,430. It has exited this horizontal trading pattern, marking a trend of increasing highs and lows. As a result, a short-term upward trend channel has developed on the daily chart. If this upward momentum persists, Bitcoin might aim to reach the resistance level of $47,930 in the next week.
However, if the Bitcoin price exits this rising channel, the bullish outlook could be negated. Under such circumstances, Bitcoin could revisit the $44,430 level. Should selling pressure continue, it might push Bitcoin's price down to the $42,450 support level, and in cases of extreme selling, even down to $40,000.
Technical analysis indicates a positive outlook for the Bitcoin price, suggesting a continued rise over the next 48 hours. The Moving Average Convergence Divergence (MACD) indicates that Bitcoin is in a bullish phase, with the MACD line moving above the signal line, showing no signs of deceleration. Furthermore, the buying force appears stronger than the selling force on Bitcoin's charts. This is demonstrated by the Relative Strength Index (RSI) moving above its Simple Moving Average (SMA) line, indicating an increase in bullish momentum.
BTCUSDT has successfully moved above the trading range of $42,450 to $44,430. It has exited this horizontal trading pattern, marking a trend of increasing highs and lows. As a result, a short-term upward trend channel has developed on the daily chart. If this upward momentum persists, Bitcoin might aim to reach the resistance level of $47,930 in the next week.However, if the Bitcoin price exits this rising channel, the bullish outlook could be negated. Under such circumstances, Bitcoin could revisit the $44,430 level. Should selling pressure continue, it might push Bitcoin's price down to the $42,450 support level, and in cases of extreme selling, even down to $40,000.
Technical analysis indicates a positive outlook for the Bitcoin price, suggesting a continued rise over the next 48 hours. The Moving Average Convergence Divergence (MACD) indicates that Bitcoin is in a bullish phase, with the MACD line moving above the signal line, showing no signs of deceleration. Furthermore, the buying force appears stronger than the selling force on Bitcoin's charts. This is demonstrated by the Relative Strength Index (RSI) moving above its Simple Moving Average (SMA) line, indicating an increase in bullish momentum.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.