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Bitcoin Fails Again, Can Bulls Save The Day?

Bitcoin did not clear the $50,000 resistance zone in opposition to the US Dollar. BTC is sliding and there’s a threat of extra downsides beneath $47,000.

  • Bitcoin made two makes an attempt to clear the $49,500 resistance however failed.
  • The price is now buying and selling beneath $48,500 and the 100 hourly easy shifting common.
  • There is a connecting bullish development line forming with help close to $47,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may decline closely if there’s a clear break beneath the $47,500 help zone.

Bitcoin Price Tops Near $49,500

Bitcoin price began a restoration wave above the $48,500 resistance zone. However, BTC did not clear the $49,500 resistance zone. It made two makes an attempt to clear $49,500, however there was no clear break.

As a end result, there was a bearish response beneath the $48,500 stage. The price declined beneath the 50% Fib retracement stage of the upward transfer from the $46,662 swing low to $49,512 excessive. It is now buying and selling beneath $48,500 and the 100 hourly easy shifting common.

Bitcoin price is now buying and selling close to the 76.4% Fib retracement stage of the upward transfer from the $46,662 swing low to $49,512 excessive. There can also be a connecting bullish development line forming with help close to $47,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the primary main resistance is close to the $48,000 stage and the 100 hourly SMA. The subsequent key resistance may very well be $48,500. The fundamental hurdle remains to be close to $49,500, above which the price may try an upside break above the $50,000 stage within the close to time period.

Dips Limited In BTC?

If bitcoin fails to clear the $48,500 resistance zone, it may prolong decline. An speedy help on the draw back is close to the $47,600 stage.

The first main help is now forming close to the $47,500 stage and the development line. If there’s a draw back break beneath the development line, the price would possibly dive in the direction of the $46,500 stage. The subsequent main help is close to $45,800, beneath which there’s a threat of a pointy decline.

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 at the moment beneath the 50 stage.

Major Support Levels – $47,500, adopted by $46,500.

Major Resistance Levels – $48,500, $49,500 and $50,000.

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