In case Bitcoin manages to settle above the 50 EMA, it will continue its upside move and head towards the 20 EMA which is located near the $46,000 level. A move above this level will push Bitcoin towards the next resistance at $47,000. If Bitcoin gets above this level, it will head towards the resistance at $48,000.

On the support side, the previous resistance at $42,600 will serve as the first support level for Bitcoin. A successful test of this level will push Bitcoin towards the support at $41,300. If Bitcoin declines below this level, it will head towards the support at $40,000. A move below $40,000 will open the way to the test of the support at $39,300.

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This article was originally posted on FX Empire

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