On the 1D-candlestick timeframe, BTC continues to face resistance at 47.3K. On the Fibonacci retracement level, the resistance is placed at the 0.382FIB level.
The price level hints for a possible consolidation range looking to form between 44K to 48K. A breakout from the upper range of 48K can be positive signal for hitting the potential target placed at 0.5FIB level. On the other side, if the price level faces a negative breakout below 44K, the support is placed at 0.236FIB level.
However, the price level is still able to maintain sustainability above EMA-200 which is a positive sign In case of further upside, the potential target can be set at 0.5FIB level which is placed at around 51K
EMA-20 is also looking in the potential to have a positive crossover against EMA-200 which could result in an increase in volatility for the world’s largest cryptocurrency