As illustrated on chart, btc has been following a rising channel with a breakdown along line and back inside the channel in a stair way trajectory. The current position indicates a strong support but could go either way to the specified target if support fails to hold. Btc might be up for a new trend but until then let wait for the next price action.
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Btc is currently facing a reistance on the 0.5 price line of the Fibonacci retracement (the fib level is placed from $29.3k(July's low) to btc ATH at 65k) which is 46.4k on bitcoin price line. If the dynamic support at 45.5k - 45.7k fails to hold then a double top pattern will be in to take btc down to some extent at 42.7k or below. A break above 46.5k will ratify the 50k target.
