On the Daily Time Frame, BTC has formed a Head & Shoulder Pattern with the neckline present at ~$44.3K.
While it has broken down from the trendline, the further movement would largely depend on whether the price would continue its downward journey or it may also exhibit a breakdown failure at the current levels.
While it has formed indecision candles for the past 2 days, BTC is currently trading near the neckline zone. BTC has formed a Bullish Engulfing candle on Sep 22 while it has formed a Bullish Doji candle yesterday. BTC is currently signaling signs of strength at the current levels being depicted by these candles.
The support to the lower side is present at $41K while BTC may face resistance at the levels of $45K followed by $48K respectively.
While it has broken down from the trendline, the further movement would largely depend on whether the price would continue its downward journey or it may also exhibit a breakdown failure at the current levels.
While it has formed indecision candles for the past 2 days, BTC is currently trading near the neckline zone. BTC has formed a Bullish Engulfing candle on Sep 22 while it has formed a Bullish Doji candle yesterday. BTC is currently signaling signs of strength at the current levels being depicted by these candles.
The support to the lower side is present at $41K while BTC may face resistance at the levels of $45K followed by $48K respectively.