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Bitcoin (BTC/USD) stands at $47,869.91 at the time of writing accumulating more bullish energy before approaching fresh new all-time highs. The price has decreased today as much as $45,850 to retest a demand area.
Today's drop brought some panic among traders and investors. There are all kinds of rumors that BTC/USD ended its growth and that it could start declining again. Technically and fundamentally, the price is bullish and it could resume its growth despite some minor retreats. So, we don't have yet any reversal or bearish signal.
Yesterday BTC/USD has found resistance at $49,700 which is the new all-time high, right on the first warning line (WL1). It has slipped lower today to retest the 150% Fibonacci line and now is traded higher again.
Personally, I believe that the bias remains bullish as long as BTC/USD is traded above the Pivot Point ($45,496) level. Passing and closing above the $49,700 and beyond the first warning line (WL1) signals more gains and further growth.
Still, you should be very careful around the $50,000 psychological level because Hanging Man, Shooting Star, Bearish Engulfing, or any other reversal pattern could send the rate down towards $40,000 or lower.
Anything could happen around the $50,000 psychological level. I strongly believe that a strong consolidation above the WL1 could attract more buyers and it could validate a further increase towards the R1 ($52,891) and R2 ($57,116) levels.
So, jumping, closing, and stabilizing above $49,700 - $50,000 area could represent a bullish signal.
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