Bitcoin value failed once more to clear the $53,000 resistance. BTC is now again beneath $52,000 and there are possibilities of a draw back break beneath the $50,500 help.
Bitcoin value is struggling to clear the $52,000 resistance zone.
The worth is buying and selling beneath $52,000 and the 100 hourly Easy transferring common.
There’s 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 might achieve bearish momentum if there’s a transfer beneath the $50,500 help.
Bitcoin Worth Dips Once more
Bitcoin value failed to start out a recent enhance above the $52,200 resistance zone. BTC settled beneath $52,000 and slowly moved decrease. There was a drop beneath the $51,500 degree.
The worth even revisited the $50,500 help zone. A low was fashioned at $50,636 and the worth is now making an attempt a restoration wave. There was a transfer above the $51,000 degree. The worth spiked towards the 50% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,636 low.
Bitcoin is now buying and selling beneath $52,000 and the 100 hourly Easy transferring common. There’s additionally a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.
Rapid resistance is close to the $51,550 degree. The following key resistance may very well be $51,800, above which the worth might rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,636 low.
Supply: BTCUSD on TradingView.com
The primary resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance might ship the worth towards the $53,500 resistance. The following resistance may very well be close to the $54,200 degree.
Extra Losses In BTC?
If Bitcoin fails to rise above the $52,000 resistance zone, it might begin one other decline within the close to time period. Rapid help on the draw back is close to the $51,100 degree.
The primary main help is $50,500. If there’s a shut beneath $50,500, the worth might achieve bearish momentum. Within the acknowledged case, the worth might decline towards the $49,200 help zone, beneath which the worth 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 Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $51,100, adopted by $50,500.
Main Resistance Ranges – $51,550, $51,800, and $52,500.
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