Bitcoin was unable to break the $52,000 resistance against the US Dollar. BTC has started to fall and trades below $50,000.
- Bitcoin failed to break the $51,800-52,000 resistance zone.
- The market price trades below $50,000.
- A break was seen below the key bullish trendline with support at $51,200 (data feed Kraken).
- In the short term, the pair could drop below the $49 500 support zone.
Bitcoin Price Forms Bearish Pattern
Bitcoin prices attempted to break the $51,800 resistance area again. BTC surged toward the $52,000 mark, but the bears resisted. Near $52,000, it seems that there’s a double top pattern.
The price reached a high of $52,111, and then began a new decline. A break below $51,200 or $50,500 was seen. A break was also seen below a bullish trend line, with support close to $51,200 in the hourly charts of BTC/USD.
This pair was trading below 50% Fib Retracement of the uptrend from $49,477 swing high to $52,111 low. Bitcoin trades below $50,000.
Also, it is trading below the 76.4% Fib level of the upward movement from the swing low at $49.477 to the high of $52,111. Support is located in the $49,000. A support zone of $49,000 provides the initial major support.
Source: BTCUSD from TradingView.com
The price could move towards $48,800 if there is a downside breakout below $49,000. A further loss could push the price to the $47,000.
BTC Recoveries
It could begin a steady increase if bitcoin can keep above the $49500 support level. A resistance area on the upside lies near the $50,000 level.
50,800 could become the next major resistance and so would the 100-hourly SMA. An increase could be initiated by a clear break above the $50,000.800 resistance level. A move above the $50,800 resistance zone could signal a new increase.
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 well below the 50 level.
Major Support Levels – $49,500, followed by $47,500.
Major Resistance Levels – $50,000, $50,800 and $51,800.