BTC / USD
27,557.90
2.63%
(-744.1)
ETH / USD
1,752.16
3.48%
(-63.25)
XRP / USD
0.44
1.97%
(+0.01)
LTC / USD
93.00
2.17%
(-2.06)
EOS / USD
1.16
0.09%
(-0)
BCH / USD
125.58
2.76%
(-3.56)
ADA / USD
0.36
1.09%
(-0)
XLM / USD
0.09
1.25%
(-0)
NEO / USD
12.12
6.92%
(-0.9)
XEM / USD
0.04
3.25%
(-0)
DASH / USD
61.10
3.57%
(-2.26)
USDT / USD
1.00
0%
(0)
BNB / USD
324.02
0.5%
(-1.62)
QTUM / USD
3.13
5.18%
(-0.17)
XVG / USD
0.00
1.01%
(-0)
ONT / USD
0.22
3.62%
(-0.01)
ZEC / USD
35.88
3.65%
(-1.36)
STEEM / USD
0.20
1.87%
(-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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