BTC / USD
23,131.46
1.19%
(+271.05)
ETH / USD
1,582.90
0.67%
(+10.51)
XRP / USD
0.40
3.48%
(+0.01)
LTC / USD
97.08
2.29%
(+2.17)
EOS / USD
1.06
0.86%
(+0.01)
BCH / USD
133.83
0.41%
(-0.56)
ADA / USD
0.39
4.1%
(+0.02)
XLM / USD
0.09
0.74%
(-0)
NEO / USD
8.17
1%
(+0.08)
XEM / USD
0.04
1.44%
(0)
DASH / USD
60.57
1.95%
(-1.2)
USDT / USD
1.00
0.01%
(0)
BNB / USD
310.85
0.79%
(-2.47)
QTUM / USD
2.66
0.2%
(+0.01)
XVG / USD
0.00
2.08%
(0)
ONT / USD
0.21
0.62%
(-0)
ZEC / USD
44.95
0.29%
(+0.13)
STEEM / USD
0.19
1.34%
(0)

Why BTC Bears Remain In Control Below $50K

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Bitcoin extended decline below the $47,000 support zone against the US Dollar. BTC could correct lower, but the bears might remain active near $48,000.

  • Bitcoin declined further below the $48,000 and $47,000 support levels.
  • The price is now trading well below $48,000 and the 100 hourly simple moving average.
  • Earlier, there was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting losses, but there are a lot of hurdles on the upside near $48,000.

Bitcoin Price Breaks Key Support

Bitcoin price failed to stay above the $50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the $50,000 pivot level.

There was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair. The pair even broke the $47,000 support level and settled well below the 100 hourly simple moving average.

A low was formed near $45,759 and the price is now correcting losses. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. An immediate resistance on the upside is near the $47,400 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $48,250 level. It is near the 50% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. A proper break above the $48,250 resistance could open the doors for more upsides. The next key resistance is near the $50,000 level, above which the price may possibly gain momentum.

More Losses In BTC?

If bitcoin fails to clear the $48,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $46,500 level.

The first major support is now forming near the $46,000 level. A downside break below the $46,000 support may perhaps push the price towards the $45,500 support. Any more losses could lead the price towards the $45,000 support zone in the near term.

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 well below the 50 level.

Major Support Levels – $46,250, followed by $46,000.

Major Resistance Levels – $47,400, $48,000 and $48,250.

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