Crypto News

Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

Bitcoin didn’t clear the $52,000 resistance zone in opposition to the US Dollar. BTC is began a serious decline and traded beneath the $50,000 help.

  • Bitcoin made two makes an attempt to clear the $51,800-$52,000 resistance zone however failed.
  • The price is buying and selling beneath $50,000 and the 100 hourly easy transferring common.
  • There was a break beneath a key bullish development line with help close to $51,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is declining and will even dive beneath the $49,500 help zone within the close to time period.

Bitcoin Price Forms Bearish Pattern

Bitcoin price made one other try and clear the $51,800 resistance zone. BTC spiked in direction of the $52,000 zone, the place the bears took a stand. It looks like there’s a double high sample forming close to $52,000.

A excessive was shaped close to $52,111 and the price began a recent decline. There was a break beneath the $51,200 and $50,500 help ranges. There was additionally a break beneath a key bullish development line with help close to $51,200 on the hourly chart of the BTC/USD pair.

The pair traded beneath the 50% Fib retracement degree of the upward transfer from the $49,477 swing low to $52,111 excessive. Bitcoin is now buying and selling beneath $50,000 and the 100 hourly easy transferring common.

It can also be buying and selling beneath the 76.4% Fib retracement degree of the upward transfer from the $49,477 swing low to $52,111 excessive. An speedy help is close to the $49,500 zone. The first main help is close to $49,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

A draw back break beneath the $49,000 degree might push the price in direction of the $48,800 help. Any extra losses could presumably push the price in direction of the $47,500 help zone.

Recovery In BTC?

If bitcoin manages to remain above the $49,500 help zone, it might begin a good improve. An speedy resistance on the upside is close to the $50,000 degree.

The subsequent key resistance could possibly be $50,800 and the 100 hourly SMA. A clear transfer above the $50,800 resistance zone might begin a recent improve. The subsequent main cease for the bulls could presumably be close to the $51,800 degree.

Technical indicators:

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

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

Major Support Levels – $49,500, adopted by $47,500.

Major Resistance Levels – $50,000, $50,800 and $51,800.

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