Bitcoin is struggling to clear the $50,000 resistance zone in opposition to the US Dollar. BTC might decline closely if it stays beneath $50,000 for a very long time.
- Bitcoin is struggling and exhibiting bearish indicators beneath the $50,000 resistance.
- The price is now buying and selling just under $49,000 and the 100 hourly easy transferring common.
- There was a break beneath a key rising channel with help close to $49,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should settle above the $50,000 stage to begin a gentle improve within the close to time period.
Bitcoin Price Faces Resistance
Bitcoin price began a restoration wave from the $47,000 help zone. BTC climbed above the $48,500 and $49,000 resistance ranges. It even broke the $50,000 zone and the 100 hourly easy transferring common.
However, there was no upside continuation above $50,800. A excessive was shaped close to $50,788 and the price began a recent decline. There was a transparent transfer beneath the $50,000 stage. The price declined beneath the 50% Fib retracement stage of the upward transfer from the $46,943 swing low to $50,788 excessive.
Besides, there was a break beneath a key rising channel with help close to $49,500 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling just under $49,000 and the 100 hourly easy transferring common.
Source: BTCUSD on TradingView.com
An fast resistance on the upside is close to the $49,200 stage. The first main resistance is close to the $49,500 stage. The essential resistance is close to the $50,000 zone. A day by day shut above the $50,000 stage might open the doorways for extra upsides. The subsequent key resistance is close to the $50,800 stage, above which the price could presumably rise in direction of the $52,000 stage.
More Losses In BTC?
If bitcoin fails to clear the $50,000 resistance zone, it might proceed to maneuver down. An fast help on the draw back is close to the $48,500 stage.
The first main help is now forming close to the $48,400 stage. It is close to the 61.8% Fib retracement stage of the upward transfer from the $46,943 swing low to $50,788 excessive. A draw back break beneath the $48,400 help could maybe push the price in direction of the $47,000 breakdown help.
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 at the moment beneath the 50 stage.
Major Support Levels – $48,400, adopted by $47,000.
Major Resistance Levels – $49,200, $50,000 and $50,800.
