Bitcoin price once again failed to clear the USD 53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.
- Bitcoin price is struggling to break the USD 52,000 resistance zone.
- The price is trading below $52,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if there is a move below the $50,500 support.
Bitcoin price drops again
Bitcoin price failed to start a fresh rise above the USD 52,200 resistance zone. BTC settled below $52,000 and slowly moved down. There was a decline below the USD 51,500 level.
The price even reached the $50,500 support zone again. A low was formed at $50,636 and the price is now trying to make a recovery wave. There was a move above the USD 51,000 level. The price spiked towards the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.
Bitcoin is now trading below $52,000 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.
The immediate resistance is near the $51,550 level. The next major resistance could be at USD 51,800, 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 move from the $52,991 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.
Lose more in BTC?
If Bitcoin fails to rise above the $52,000 resistance zone, it could trigger another decline in the near term. The immediate downside support is near the $51,100 level.
The first major support is $50,500. If there is a close below $50,500, the price could gain bearish momentum. In the said case, the price could decline towards the USD 49,200 support zone, below which the price could turn bearish in the near term.
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 above the 50 level.
Major support levels – USD 51,100, followed by USD 50,500.
Major resistance levels – $51,550, $51,800 and $52,500.
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