Bitcoin Price Consolidates Near K, Why BTC Bulls Could Fail Near .5K


Bitcoin worth prolonged its decline beneath the $50,000 assist towards the US Dollar. BTC is now consolidating losses and it stays at a threat of extra draw back beneath $48,000.

  • Bitcoin declined closely beneath the $52,000 and $50,000 assist ranges.
  • The worth is now buying and selling properly beneath $52,000 and the 100 easy transferring common (4-hours).
  • There is a key bearish development line forming with resistance close to $52,800 on the 4-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may appropriate losses, however it may face resistance close to $52,000 and $52,500.

Bitcoin Price Turns Red

This previous week, bitcoin worth noticed a steady decline from properly above $60,000 towards the US Dollar. The BTC/USD pair broke many essential helps close to $55,000 and $52,500 to maneuver right into a bearish zone.

The worth even broke the $50,000 stage and it settled beneath the 100 easy transferring common (4-hours). It traded to a brand new weekly low at $47,511 earlier than it began consolidating losses. There was a minor restoration above the $48,000 and $48,500 ranges.

There was a restoration above the 23.6% Fib retracement stage of the recent decline from the $57,597 excessive to $47,511 low. It is now consolidating close to the $50,000 stage.

Source: BTCUSD on TradingView.com

On the upside, the value is dealing with a significant resistance close to the $52,000 and $52,500 ranges. There can be a key bearish development line forming with resistance close to $52,800 on the 4-hours chart of the BTC/USD pair. The development line is near the 50% Fib retracement stage of the current decline from the $57,597 excessive to $47,511 low.

A profitable shut above the $52,000 and $52,500 resistance ranges may open the doorways for a contemporary enhance within the coming classes.

More Losses in BTC?

If bitcoin fails above the $52,000 stage, there’s a threat of extra losses. The first main assist is close to the $48,200 and $58,000 ranges.

The subsequent main assist is close to the $57,500 stage. Any extra losses may name for a contemporary drop in the direction of the $46,000 assist stage. In the said case, there are even possibilities of a drop in the direction of the important thing $45,000 assist zone within the close to time period.

Technical indicators

Four hours MACD – The MACD for BTC/USD is dropping momentum within the bearish zone.

Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is now properly beneath the 50 stage.

Major Support Level – $47,500

Major Resistance Level – $52,500



Source link