A New Record Level for BTC : Technical Analysis ( Daily Chart )

By Deya Hroob

The price of Bitcoin  rose to a new record on Thursday, and reached 48,481 .

MasterCard, said the company would allow transactions using specific digital currencies and communicate with central banks that are working to develop their own digital currencies.

Bitcoin, the world's oldest and most popular digital currency, benefited from the MasterCard announcement, in addition to the electric car maker Tesla's announcement earlier this week to purchase Bitcoin worth $ 1.5 billion and its intention to allow its customers to use this currency to buy Its future cars.

And the value of the cryptocurrency rose after the US electronic payment card issuer, MasterCard, pledged to accept cryptocurrencies on its electronic payment network.

BTC Technical Analysis ( Daily Chart )

Bitcoin is trading on a resistance line. If the bulls can push the price above this line the uptrend may resume, with the next target at $50,000.

However, what is the most concerning issue is that the bearish divergence on RSI chart. It occurs when price forms higher highs  while the RSI forms lower highs. This indicates a correction is close to happen.

If the price turns down from this resistance , BTC may drop to support level at $41,500

Trade Wise and Good Luck


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