Bitcoin price is struggling to rise above the USD 52,000 resistance. BTC is now at risk of a downside break below the $50,500 support zone.
- Bitcoin price is struggling to break the USD 52,000 resistance zone.
- The price is trading below $51,800 and the 100 hourly Simple Moving Average.
- A bearish flag is forming with support at $51,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could embark on a major pullback if it makes a move below the $50,500 support.
Bitcoin price struggles below $52,000
Bitcoin price remained in a negative zone below the USD 52,200 resistance zone in the short term. BTC settled below $51,800 and slowly moved lower. There was a decline below the USD 51,200 level before a small recovery.
The price recovered a few points above the USD 51,500 level. There was a move above the 50% Fib retracement level of the downwave, from the $52,990 swing high to the $50,636 low. However, the bears were active near the $52,000 resistance zone.
Bitcoin is now trading below $51,800 and the 100 hourly Simple Moving Average. A bearish flag is also forming with support at $51,120 on the hourly chart of the BTC/USD pair.
The immediate resistance is near the $51,800 level. The next major resistance could be at USD 52,000, above which the price could rise towards the USD 52,500 resistance zone. It is close to the 76.4% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low.
Source: BTCUSD on TradingView.com
The main resistance is now near the USD 53,000 level. A clear move above the USD 53,000 resistance could send the price towards the USD 53,500 resistance. The next resistance could be near the $54,200 level.
Disadvantage of BTC?
If Bitcoin fails to rise above the USD 51,800 resistance zone, it could trigger another decline in the near term. The immediate downside support is near the $51,100 level and the channel trendline.
The first major support is at $50,550. If there is a close below $50,550, the price could stage a significant pullback. In the said case, the price could decline towards the USD 49,500 support zone, below which the price could even test USD 49,200.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 51,100, followed by USD 50,550.
Major resistance levels – $51,800, $52,000 and $52,500.
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