Bitcoin Retest Resistance

Bitcoin prices fell significantly during the previous trading session, to record its lowest level around 50,490.

On the technical side today, with a closer look at the 60-minute chart, we find the stochastic indicator is trading around oversold areas, in addition to the intraday trading stability above the support level of 50490.

We may witness a slight bullish tendency during the coming hours, targeting 54,650. Confirmation of breaking 50,490 leads Bitcoin prices to resume the downside path with an initial target of 49,750.

Note: Level of Risk is High

S1: 49750	R1: 54670
S2: 47660	R2: 54495
S3: 44830	R3: 59580