Analysis

Bitcoin Corrects Gains, Why Dips Could Be Limited Below $48K

Bitcoin failed to check the $50,000 resistance towards the US Dollar. BTC is correcting features, however dips might be restricted beneath the $47,500 help.

  • Bitcoin struggled to surpass the $49,500 resistance zone and corrected decrease.
  • The price is buying and selling above $48,000 and the 100 hourly easy shifting common.
  • There was a break beneath a key rising channel with help close to $49,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a recent enhance if it stays above the $47,500 help zone.

Bitcoin Price Remains Supported

Bitcoin price shaped a base and began a recent enhance above the $47,500 stage. BTC gained tempo for a transfer above the $48,500 stage and the 100 hourly easy shifting common.

The upward transfer was such that the price even spiked above the $49,200 resistance. However, the bulls did not pump the price in the direction of the $50,000 stage. A excessive was shaped close to $49,599 and the price began a draw back correction.

There was a break beneath the $49,000 stage. Besides, there was a break beneath a key rising channel with help close to $49,000 on the hourly chart of the BTC/USD pair.

The pair traded beneath the 23.6% Fib retracement stage of the upward transfer from the $45,600 swing low to $45,599 excessive. Bitcoin examined the $48,000 zone and is at present rising. It is going through resistance close to the $48,800 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent key resistance might be $49,200. The primary breakout zone is now close to $49,500. A transparent transfer above the $49,500 resistance zone might elevate the market sentiment for a transfer above $50,000. The subsequent main cease for the bulls might probably be close to the $51,200 stage.

Dips Limited In BTC?

If bitcoin fails to clear the $49,500 resistance zone, it might lengthen its decline. An instant help on the draw back is close to the $48,000 stage.

The first main help is close to $47,500. It is close to the 50% Fib retracement stage of the upward transfer from the $45,600 swing low to $45,599 excessive. A draw back break beneath the $47,500 stage might push the price in the direction of the $46,500 help, beneath which the price might check $45,500.

Technical indicators:

Hourly MACD – The MACD is slowly dropping tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is beneath the 50 stage.

Major Support Levels – $48,000, adopted by $47,500.

Major Resistance Levels – $49,000, $49,500 and $50,000.

Related posts

Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In?

Crypto Advisor

The Crypto User Protection Act of 2022

Crypto Advisor

Battling Blockchain Game Galaxy Fight Club Welcomes $7M Investment

Crypto Advisor

Leave a Comment