Bitcoin experienced a sharp decline in value against the US Dollar, falling below its $50,000 support. BTC still faces a greater risk than $47,500 below its current support.
- Bitcoin experienced a sharp decline, falling below $49,500 and $50,000 support levels.
- It is currently trading at $49,000, below the simple 100-hour moving average.
- On the hourly chart, the BTC/USD pair saw a breaking below the bearish continuation pattern. Support was near $49,000. (data feed Kraken).
- Although the pair may correct higher in the future, upsides could be restricted to $49,200 for now.
Bitcoin Price Gains Bearish Momentum
Bitcoin prices failed to grow and began a new decline below the $50,000 level. BTC moved into a bearish zone when it traded below $49,200 levels and $49,000 levels.
On the hourly chart for the BTC/USD pair, the price broke below the bearish continuation pattern and reached support at $49,200. It traded as low as the $48,500 level and close to the $47,000.
The price has been consolidating since a low was formed at $47,305. Bitcoin trades below $49,000, the 100-hourly simple moving average and is currently trading at $49,000. The $48,200 mark is the immediate resistance. At the $48,500 level is the initial major resistance.
Also, the near $48,500 Fib retracement point of the recent fall from the $52,111 swing low to the $47.305 high is 23.6%. Next key resistance is $49,800.
Source: BTCUSD from TradingView.com
The Fib retracement levels of the most recent fall from the $52,111 high swing to $47.305 low are near the $49,000. Zone. An obvious move higher than the $49,000.00 resistance level could trigger a new increase. For bulls, the next stop could be at the $51,200 mark.
Bitcoin could move lower if it fails to rebound above $49,000. The $47,500 area is the immediate support. Nearly $47,200 is the first significant support.
The price could move towards $46,500 support by a downside breakout below the $47,000. A further loss could push the price to the $45,500 level.
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.
Major Support Levels – $47,200, followed by $46,500.
Major Resistance Levels – $48,200, $48,800 and $49,800.