BTC is in a 4 hour bullish Wolfe wave at the end of the 4th wave.
Bitcoin in 1 hour is in the end of the 4th Wolfe Wave.
In this wave it makes a shoulder head to shoulder followed by a bearish channel.
3 possible scenarios:
1 st: Push up its channel at $ 48,700 then can pierce this channel to push towards the $ 51,500
2nd: Push up his channel at $ 48,700 then go back down to retest his bottom of the channel
3rd: Loses buying strength and goes for the bottom of the Wolfe channel at $ 44,500
Case number 3 looks the most likely, with a probable 5th Wolfe Wave likely to be bullish with a target of $ 55,300, if it breaks through the Wolfe channel down there is major support at $ 43,600.