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The flagship cryptocurrency attempted to break the $46.2K barrier. However, this attempt was unsuccessful. As a result, bitcoin fell to the local support zone of $44K. On August 12, the digital asset broke the $44.2K line. It led to a bullish impulse the next day.
Today, the first cryptocurrency is trading at $46.2K. Yesterday, the coin gained 2% amid stable average daily trading volumes. The coin is likely to continue consolidating and try to break the resistance level. On the 4H chart, BTC is bullish. The RSI indicator risks going below the green zone. MADC and Stochastic indicate a strong bullish trend.
On the H1 chart, there are bearish signs. Stochastic points to the failed attempt of bulls to push the price up. At the same time, RSI indicates the overbought status of BTC. Meanwhile, MACD sends bullish signals. The balance of long and short positions has been below zero for the past two days, reflecting bearish sentiment.
There are two possible scenarios that can play out on August 13. In case the price fails to retest the $46,2K mark, the quote is likely to plunge below the local support zone. Long positions should be considered in the $43-44K range. After that, BTC/USDT may break the $40K line. If so, the price is expected to move to the local support zone with the lower border at $38.6K. By breaking the barrier and going further down, the quote may well rebound to $37.2K. A breakout of this level will cancel the bullish trend as of July 22.
Alternatively, BTC is expected to consolidate near $46.2K and rise to $48K. After a small correction, the cryptocurrency may approach the $50 barrier. The resistance zone is seen in the $50-54K range. If BTC fails to form a key support zone at $50K, a correction to $48K may occur. However, if the coin breaks the $54 mark, the price is likely to head to $60K. If so, mass profit-taking may begin. Therefore, it is important to monitor MVRV, while BTC is bullish.
In the upcoming days, bitcoin is expected to continue to consolidate, attempting to approach the $48K resistance level. The price is likely to break the barrier after a small correction.
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