Bitcoin (BTC) bounced considerably on Sept 14, making a bullish engulfing candlestick in the process.
This caused a breakout from the short-term parallel descending channel. BTC has become approaching the $47,850-$49,050 resistance area.
After reaching a low of $43,400 on Sept 13, BTC has rebounded considerably. A day later, it created a bullish engulfing candlestick and reached $47,250. As well as this, it’s trading above the $43,950 horizontal support area, that is the 0.382 Fib retracement support level.