BTC / USD
16,541.62
0.3%
(-49.35)
ETH / USD
1,211.73
0.69%
(-8.4)
XRP / USD
0.41
0.17%
(-0)
LTC / USD
77.36
0.82%
(-0.64)
EOS / USD
0.94
0.12%
(-0)
BCH / USD
113.06
0.95%
(-1.08)
ADA / USD
0.32
0.78%
(-0)
XLM / USD
0.09
0.83%
(0)
NEO / USD
6.97
0.74%
(-0.05)
XEM / USD
0.03
0.88%
(-0)
DASH / USD
41.70
0.29%
(-0.12)
USDT / USD
1.00
0%
(0)
BNB / USD
313.13
0.66%
(-2.08)
QTUM / USD
2.20
0.5%
(+0.01)
XVG / USD
0.00
0.84%
(0)
ONT / USD
0.18
0.44%
(-0)
ZEC / USD
41.76
0.41%
(-0.17)
STEEM / USD
0.18
1.54%
(-0)

Bitcoin Fails Again, Can Bulls Save The Day?

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Bitcoin failed to clear the $50,000 resistance zone against the US Dollar. BTC is sliding and there is a risk of more downsides below $47,000.

  • Bitcoin made two attempts to clear the $49,500 resistance but failed.
  • The price is now trading below $48,500 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if there is a clear break below the $47,500 support zone.

Bitcoin Price Tops Near $49,500

Bitcoin price started a recovery wave above the $48,500 resistance zone. However, BTC failed to clear the $49,500 resistance zone. It made two attempts to clear $49,500, but there was no clear break.

As a result, there was a bearish reaction below the $48,500 level. The price declined below the 50% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. It is now trading below $48,500 and the 100 hourly simple moving average.

Bitcoin price is now trading near the 76.4% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. There is also a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the first major resistance is near the $48,000 level and the 100 hourly SMA. The next key resistance could be $48,500. The main hurdle is still near $49,500, above which the price could attempt an upside break above the $50,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $48,500 resistance zone, it could extend decline. An immediate support on the downside is near the $47,600 level.

The first major support is now forming near the $47,500 level and the trend line. If there is a downside break below the trend line, the price might dive towards the $46,500 level. The next major support is near $45,800, below which there is a risk of a sharp decline.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $47,500, followed by $46,500.

Major Resistance Levels – $48,500, $49,500 and $50,000.

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