Bitcoin hits new record high at 48944 earlier today but lags follow through buying so far. Upside momentum is also unconvincing with bearish divergence condition in hourly MACD. For now, we’d continue to expect some strong resistance around 50k psychological level to limit upside and bring near term correction first.
But near term outlook will stay bullish as long as 43777 support holds. We’d expect current up trend to target 100% projection of 17629 to 41964 from 29283 at 53618 next, after completing the envisaged consolidations.
