Bitcoin has been struggling to break the $50,000 barrier against the US Dollar. If Bitcoin stays below $50,000, it could fall sharply.
- Bitcoin’s price is falling below $50,000 and there are bearish signals.
- The stock price currently trades at just $49,000.
- A break was seen below a channel that is key to rising and support the pair at near $49,000. (Data feed Kraken).
- To see a gradual increase in their income, the couple must reach a settlement above $50,000.
Bitcoin price faces resistance
From the $47,000 support area, Bitcoin prices began a rebound wave. BTC reached the $48,500- and $49,000 resistance levels. The Bitcoin price even broke through the $50,000 threshold and the 100-hourly simple moving mean.
There was however no upward continuation beyond $50,800. The price reached a high of $50,788 before it began a new decline. Clear movement below $50,000 was evident. Price fell below 50% Fib level to retrace the upward movement from $46,943 low to $50,788 high.
On the hourly charts of BTC/USD, the pair saw a breakout below a crucial rising channel that had support close to $49,000. Bitcoin trading at $49,000. This is the same as the 100-hourly moving average.
Source: BTCUSD from TradingView.com
Near the $49,000.00 level, there is immediate resistance. At $49,500 the level of resistance will be the initial major obstacle. Near the $50,000 area is the main resistance. The potential for greater upsides could be opened by a daily close that is above $50,000. Next is resistance at the 50,800 level. If the price reaches that level, it could possibly climb towards $52,000.
Bitcoin could move lower if it fails to break the $50,000 resistance level. The $48,500 level is a support area for the downside.
Near the $48,400 mark, there is now the first significant support. This support is close to the 61.8% Fib level of the upward movement from $46,943 swing lows to $50,788 highs. A decline below the $48,400 support could push it towards the $47,000 breakpoint support.
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 – $48,400, followed by $47,000.
Major Resistance Levels – $49,200, $50,000 and $50,800.