Bitcoin worth failed once more to clear the $53,000 resistance. BTC is now again under $52,000 and there are probabilities of a draw back break under the $50,500 help.
- Bitcoin worth is struggling to clear the $52,000 resistance zone.
- The worth is buying and selling under $52,000 and the 100 hourly Simple transferring common.
- There is a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may acquire bearish momentum if there’s a transfer under the $50,500 help.
Bitcoin Price Dips Again
Bitcoin worth failed to begin a recent improve above the $52,200 resistance zone. BTC settled under $52,000 and slowly moved decrease. There was a drop under the $51,500 stage.
The worth even revisited the $50,500 help zone. A low was shaped at $50,636 and the value is now trying a restoration wave. There was a transfer above the $51,000 stage. The worth spiked towards the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.
Bitcoin is now buying and selling under $52,000 and the 100 hourly Simple moving average. There can also be a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.
Immediate resistance is close to the $51,550 stage. The subsequent key resistance could possibly be $51,800, above which the value may rise towards the $52,500 resistance zone. It is close to the 76.4% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.
Source: BTCUSD on TradingView.com
The fundamental resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the value towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 stage.
More Losses In BTC?
If Bitcoin fails to rise above the $52,000 resistance zone, it may begin one other decline within the close to time period. Immediate help on the draw back is close to the $51,100 stage.
The first main help is $50,500. If there’s a shut under $50,500, the value may acquire bearish momentum. In the said case, the value may decline towards the $49,200 help zone, under which the value would possibly flip bearish within the quick time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $51,100, adopted by $50,500.
Major Resistance Levels – $51,550, $51,800, and $52,500.
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