Bitcoin (BTC) clings to horizontal support level

While long-term indicators are turning to bear, short-term signals suggest a recovery is at stake.

BTC hovering over support
BTC fell slightly yesterday to below $ 43,400. However, he created a long bottom Wick and bounced back, reaching a close of $ 45,000.

The jump served to validate the $43,950 field as support. This is both horizontal support area and 0.382 Fib retraction support level.

Despite the jump, technical indicators in the Daily timeslot turned to bear. The MACD is almost negative and the RSI is below 50. Also, both are moving downward.

So while price action still shows BTC above support, indicator readings are like a bear.

Short-term movement
Despite the Daily timeslot, a look at the six-hour chart shows that a jump is in store.

Both RSI and MACD have created bullish divergences, an event that usually precedes price increases.

If there is an upward movement, the nearest resistors are at $ 47,850 and $ 49,050. These are 0.5 and 0.618 Fib withdrawal support levels, respectively.

Wave count
The number of waves indicates that the current movement is a straight A-B-C corrective structure. If so, BTC is currently in wave C of this structure.

A likely target for the peak of the movement is decidedly between $ 47,900 and $ 47,950. This is 0.5 Fib retraction resistance level (black) and 1:1 Wave a (white) length.

After that, another downward move would be expected.

Source: beincrypto