Bitcoin has been struggling to break the $50,000 barrier against the US Dollar. BTC might fall significantly if it falls below $47.300.
- Bitcoin is in trouble and shows bearish signs, below the $50,000 resistance.
- The current price trades below $49,500 as well as the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trendline with resistance close to $49,000. (Data feed from Kraken).
- If the pair is able clear $50,000, it could begin a new increase.
Bitcoin Price Holds Key Support
From the $52,000 resistance area, Bitcoin prices began to fall again. BTC fell below $49,000 and the 100-hourly simple moving average.
The price also moved below $48,000, however, the bulls were still active in the $47.300 area. Near $47,298 a low was formed and now the price is correcting its losses. The price moved above the $48,000 resistance area.
Bitcoin rose above 23.6% Fib Retracement levels of the downmove from $51,955 swing high, to $472,298 low. Now, the price trades below $49,000. This is also lower than the simple 100-hour moving average. Near the $49,000 point, there is immediate resistance.
Next is resistance at the $49,000. A major bearish trendline is also in place with resistance close to $49,900. This hourly chart shows the BTC/USD currency pair.
Source: BTCUSD at TradingView.com
This trend line is very close to the 50% Fib level of the decline from the $47,298 high to $51,955 low. Clear breaks above the $49,000.500 resistance level could lead to more upsides. Next is the $50,000 resistance, which could be the threshold for a gradual increase in the price.
BTC: More losses
It could fall further if bitcoin does not clear the $49,000.500 resistance area. Near the $48,000 mark, there is immediate support for the downside.
Near the $47.300 mark, we see the first significant support. The selling pressure may increase if there is a downside breakout below the $47300 level. For bears, the next stop could be $46,000
Indicators technical
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $48,000, followed by $47,300.
Major Resistance Levels – $49,500, $50,000 and $52,000.
