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The bitcoin price continued declining and peaked at $45,000 against the US Dollar. The price is recovering towards $50,000 and the price is well below the 100 hourly simple moving average. There is a bearish trend line emerging on the hourly chart of the BTC/USD pair occurring near $51,200.
- A major resistance level is now forming near $51,800.The 50% Fib of the down trend from $73,750 to $44,960 high is also at $51,800.Bitcoin price is approaching hurdlesA major resistance level is now forming near $51,800.The 50% Fib of the down trend from $73,750 to $44,960 high is also at $51,800.
- Despite testing the 45,000 support zone, BTC was down by $200,000, and it settled well below its 100-hour moving average.A low was formed near $44,960, and the price is presently recovering losses.
- Resistance levels at $46,500 and $48,000 have been overcome.
- With the price of Bitcoin declining, it tested the $45,000 level against the US Dollar.It is now testing the $50,000 resistance level, but still remains below the 100 hourly simple moving average.
In the hourly chart of the Bitcoin/USD pair, there is also a bearish trend line near $51,200 near resistance.
There were heavy losses in bitcoin below the $52,000 and $50,000 support levels. A break above the $51,800 and $52,000 resistance levels is required for Bitcoin to continue upward towards $55,000 in the short term.
At first, there was some support on the downside near the $48,000 level before the most important support formed near the $45,000 zone. If the price breaks below the $45,000 support area, it's likely that the price will fall 8%-10% in the near term. There was a break above the 23.6% Fib retracement level of the downward move from the $58,400 swing high to $44,960 low.
Source: BTCUSD on TradingView.com
?? No rewrites were found Several cryptocurrency markets have reached support levels below $52,000 and $50,000 for a short time. Bitcoin's price, however, is currently on a downward trend.
Moreover, Bitcoin has tested the $45,000 level and settled well below the 100 hourly simple moving average. A bottom has been formed near $44,960 while it is recovering from its losses. A close above the $51,800 and $52,000 resistance levels is must for a fresh increase towards $55,000 in the near term.
Source: BTCUSD on TradingView.comThe price bounced above the 23.6% Fib retracement level from the $58,400 swing high to $44,960 low.It is currently testing the $50,000 resistance, which is still well below it's 100 hourly moving average.
Several key bearish trend lines can be seen along the hourly chart of the BTC/USD pair with resistance near $51,200. The 50% Fibonacci retracement of the move downward from the $58,400 swing high to $44,960 low is also near $51,800.
For bitcoin to gain further ground towards $55,000 in the near term, the $51,800 and $52,000 resistance levels must be closed. Another Dip in BTC?If bitcoin fails to continue above the resistance trend line and $51,800, there is a chance for another dip. Support in the $48,000 range is an initial support. The major support is near the $45,000 zone. The price could fall 8%-10% if a clear break falls through the $45,000 support.
Another major support level is at $48,000. Technical indicators: Hourly MACD - Slowly moving to the bullish zone. Hourly RSI – The RSI for BTC/USD is back above 50. Major Support Levels – $48,000, then $45,000.
The major resistance levels are $51,800, $52,000 and $55,000.
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Major Support Levels – $48,000, followed by $45,000.
Major Resistance Levels – $51,800, $52,000 and $55,000.
