This caused a breakout from a short-term parallel descending channel. BTC is now approaching the $47,850-$49,050 resistance area.
After reaching a low of $43,400 on Sept 13, BTC has rebounded considerably. The next day, it created a bullish engulfing candlestick and reached a high of $47,250. In addition to this, it’s trading above the $43,950 horizontal support area, which is the 0.382 Fib retracement support level.
While the price action does look bullish, technical indicators are firmly bearish. The RSI is below 50, the MACD is decreasing and is close to moving into negative territory, and the Supertrend has turned bearish. The last time this occurred was after it fell from the April all-time high.