The price action in Bitcoin has so far been steady today, and the leading cryptocurrency has passed a potentially important price point. That price point was at 46.847 and represents a 50% retracement level of the entire downward move earlier this year. This saw it drop from a record high of 64,869, to a June 21 low of 28,824. Now this level is covering the bottom of the Bitcoin. Now 46.847 has been passed with some relish, then this could lead to an attempt to reach the next significant resistance level which is at 51.100 and represents a 61.8% retracement of the aforementioned bearish move. It's not and certainly isn't recommended here either, but it's something to perhaps be aware of with the weekend ahead.
In the short term the title could correct.
Our support is at 46366
Predictable scenario: as long as support at 46366 holds, we can point towards 50016
Alternative scenario: the breakdown of 46366 would result in a decline towards 44118. But for intraday trading you can refer to my levels.
Chart from tradingview.com
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