Bitcoin has been trapped inside a lower low and lower high pattern but patterns like this can break in either direction. Looking at the chart below shows that a similar breakout is happening on the 4-hour chart. We have one confirmation candle with further confirmations (like breaking the previous high of $49500, fib 0.5) so we can predict with more confidence that Bitcoin is bottoming right at the 200-day SMA. We can see a reversal to $46400, fib 0.786, or the trend line at $47200. Near term resistance here is at the previous high. Bitcoin has considerable resistance at the psychological price level of $50,000.
