Bitcoin is looking for more short-term gain, following a false downside breakout below the $44,000 support level over the weekend. Sellers failed to ignite a large head and shoulders pattern, which has encouraged a bounce back towards the $46,000 level. The technicals on the four-hour time frame show that the MACD is recovering higher, while the Parabolic SAR indicator in the same time frame will only flash a buy signal once the price moves above the $49,000 level.
The BTCUSD pair is only bullish while trading above the $49,000 level, key resistance is found at the $49,500 and the $50,000 levels.
If the BTCUSD pair trades below the $49,000 level, sellers may test the $46,000 and $44,000 levels.
