Bitcoin continues to consolidate in pre-holiday trade. It’s normal that after a breakout there is a small price reversal to near term support and the same is happening on Bitcoin’s 4-hour chart. After breaking out from the resistance, Bitcoin rose to the resistance we last marked at $49500 which means there’s potential for reversal. The support for Bitcoin here is at $47,500, fib 0.5, and then at the trend line. The closest resistance is at $48500, fib 0.236. after this level, we have considerable resistance at the last high of $49,600.
