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BITCOIN: $47K RESISTANCE IS STANDING STRONG.

Welcome to this quick update on BTC.

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It's been 3 days since BTC broke down below the 47k support (which is now resistance). Since then BTC is continuously trying to break through the 47k ceiling but it is failing every single time. The weekly close turned out to be a rejection which was not good. I was expecting a close above 47k to continue a higher rally but it didn't happen.

Now, we still have support level 1 at 44.6k from where BTC could bounce back if it drops. Also, we have a 42.5k support level to hold the price in case BTC dumps further down. A breakout on the other hand will target to break through the ceiling and then all the way to 52k.

Considering the RSI then it is making a lower low but the actual chart shows higher lows. This is a bearish sign and it looks like we may see a slight rejection on BTC and then a bounce.

What do you guys think about BTC and its current price movement?
Let me know in the comments.

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