Furthermore, it is trading above the $43,950 horizontal support region, corresponding to the 0.382 Fib retracement support level.
While market movement appears to be optimistic, technical indications are very negative. The RSI is below 50, the MACD is declining and on the verge of entering hostile territory, and the Supertrend has shifted bearish.
The last time this happened was when it dropped from its all-time high in April. As a result, the price movement and technical indicators provide contradictory signals.
The six-hour chart shows a less negative trend. It demonstrates that BTC broke out of a falling downstream after the RSI and MACD produced bullish divergences. Corrective actions are commonly found in such channels.
However, BTC is nearing a significant resistance region established by the 0.5-0.618 Fib retracement barrier levels, located between $47,850 and $49,050.
The two-hour chart reveals that BTC has already verified the channel’s resistance line as support. The RSI is also over 50, and the MACD is bullish.