Cryptocurrency Prices by Coinlib

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Bitcoin Consolidates between 45k-50k. What Next?

Bitcoin (BTC) after making a high of around 53k dropped to a low of 43k and is trying to gain some ground after that.

A bullish price channel can be seen and suggests that the price may push towards 58k which is a channel top and a strong selling zone.

As of now, the price has bypassed the 21 DMA and trying to move to the upside to its next resistance that can be seen around the 58k region.

The relative strength index (RSI) on the daily chart is also moving to the upside where it can get exhausted anywhere between 58k-60k region.

Bitcoin can be seen bouncing above and breaking 21 DMA suggesting that the buyers could remain active over the short term.

Trade Idea:

A long entry between45k-46k region seems appropriate.
Stop Loss: Below previous low of 43k.
Target: The first target can be around 52k and the second around 58k respectively.

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