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Bitcoin rose higher after failing to break through 47,111 - 46,201.01. It is trading at the 48,467.87 level at the time of writing far above 46,824.29 today's low and compared to 45,934.37 yesterday's low.
Today, it has registered a 3.77% growth, from today's low to 48,589.47 today's high. From yesterday's low, BTC/USD increased by 5.78%. Technically, the crypto reached a demand zone. So, the current bullish momentum was expected.
As you can see on the H4 chart, the price retested the 46,201.01 critical support failing to close below it. Now, it has retested the 47,111 and the weekly S1 (46,966.85) confirming these levels as downside obstacles.
You knew from my previous analyses that Bitcoin could turn to the upside after reaching this support zone. The weekly pivot point (49,410.55) and the 49,600 are seen as near-term targets. Also, the 50,000 psychological level and the upper median line (UML) could be used as targets as well.
The retest of 47,111 followed by the current rally was seen as a long opportunity with immediate targets at the weekly pivot point and at the 49,600. The Stop Loss could be hidden below 45,934.37.
A larger upwards movement could be activated by a valid breakout above the descending pitchfork's upper median line (uml) and above the 51,991.
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