Looking at the hourly chart for BTCUSD, there is bullish divergence and an inverse head and shoulders pattern formed on the RSI, signalling for a move to the upside. Price is also above the hourly EMAs (20,50,100,200), and recently broke the descending trend line.
Short term resistance sits around $46k, but If price can hold the 200 hourly EMA (45,400) and above the descending trend line, it looks like we will move back up and test the local high (around 48k).
Short term resistance sits around $46k, but If price can hold the 200 hourly EMA (45,400) and above the descending trend line, it looks like we will move back up and test the local high (around 48k).
