Bitcoin value is struggling to clear the $52,000 resistance. BTC may begin a good draw back correction if it breaks the $50,500 assist zone.
- Bitcoin value continues to be struggling to clear the $52,000 resistance zone.
- The value is buying and selling beneath $51,600 and the 100 hourly Simple transferring common.
- There was a break beneath a connecting bullish development line with assist at $51,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may lengthen its present decline and revisit the $50,500 assist.
Bitcoin Price Faces Resistance At $52K
Bitcoin value retested the $50,500 support zone and even spiked towards $50,400. However, the bulls have been energetic close to the $50,450. A low was shaped at $50,456 and the worth recovered above $51,200.
The bears at the moment are defending an upside break above the $52,000 resistance zone. A excessive is shaped at $51,936 and the worth is now transferring decrease. There was a break beneath a connecting bullish development line with assist at $51,500 on the hourly chart of the BTC/USD pair.
There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $50,456 swing low to the $51,936 excessive. Bitcoin is now buying and selling beneath $51,600 and the 100 hourly Simple transferring common.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $51,600 stage. The subsequent key resistance might be $52,000, above which the worth may rise towards the $52,500 resistance zone. The important resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the worth towards the $53,500 resistance. The subsequent resistance might be close to the $54,200 stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $51,600 resistance zone, it may begin one other decline within the close to time period. Immediate assist on the draw back is close to the $51,300 stage and the 100 hourly SMA.
The first main assist is $51,100 or the 50% Fib retracement stage of the upward transfer from the $50,456 swing low to the $51,936 excessive. If there’s a shut beneath $51,100, the worth may begin a good pullback. In the said case, the worth may decline towards the $50,500 assist zone, beneath which the worth may even check $50,000.
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 beneath the 50 stage.
Major Support Levels – $51,100, adopted by $50,500.
Major Resistance Levels – $51,600, $51,800, and $52,000.
Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site totally at your personal threat.
