BTC recently tagged 48,000 for the first time since March 2022. The rejection at these levels, which also happens to be 61.8% of the entire downtrend from 69,000 to 15,000, is hardly a strong bearish signal in and of itself. A stronger signal would be a lengthy consolidation at these levels, preferably on the H4 TF. Additionally, Within this consolidation the market should send strong bearish signals such as high volume engulfing patterns and shooting stars. A strong breakout above 48,000 will expose BTC to All Time Highs above 69,000.
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