Bitcoin (BTC) bounced considerably on Sept 14, creating a bullish engulfing candlestick in the process.
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.