Bitcoin’s recovery has been extended to $51,000 above the US Dollar. To continue climbing, Bitcoin must be stable at $49,000.
- Bitcoin experienced a wave of recovery above the $50,000. resistance zone.
- Today, the price traded above $50,000.
- The hourly BTC/USD chart showed a breaking below the connecting bullish trendline with support at $50,800 (data feed Kraken).
- If the pair is at or above $49,500, it could see a new increase.
Bitcoin Price Loses Steam
Bitcoin prices extended their recovery wave beyond the $50,000 resistance level. BTC also climbed above the $51,200 and $50,500 resistance levels.
The price did not cross the $52,000 threshold. An area of high near $51,955 was reached and now the price is correcting. The price broke below the $51,000 support area. Below the 23.6% Fib level, the price fell below the upside move between the $51,955 low and the swing low of $47210.
A break was seen below a bullish connecting trend line, with support close to $50,000. This is also evident on the hourly charts of BTC/USD. Now, the pair trades above $50,000.
Source: BTCUSD at TradingView.com
Near the $51,000 level, there is immediate resistance. Next is $51,800. Clear breaks above the $51,080 resistance level could lead to more upsides. Near the $52,000 mark, the next major resistance. Above that level the price may rise even more. If the previous scenario is true, then the price of the stock could reach $53,500.
BTC: More losses
Bitcoin could move lower if it fails to break the $51,800 resistance level. The $50,000 mark is a support level for the downside.
Now, the initial major support is forming at or near the $49.500 level. This support is at the 50% Fib-retracement level, which marks the end of an upward trend that began from $51,955 low and ended at $47210 high. The possibility of selling pressure increasing if it falls below the $49500 support could increase. For bears, the next stop could be at $48,000
Technical indicators
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $50,000, followed by $49,500.
Major Resistance Levels – $51,800, $52,000 and $53,500.