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)

Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

0

Bitcoin failed to clear the $52,000 resistance zone against the US Dollar. BTC is started a major decline and traded below the $50,000 support.

  • Bitcoin made two attempts to clear the $51,800-$52,000 resistance zone but failed.
  • The price is trading below $50,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is declining and could even dive below the $49,500 support zone in the near term.

Bitcoin Price Forms Bearish Pattern

Bitcoin price made another attempt to clear the $51,800 resistance zone. BTC spiked towards the $52,000 zone, where the bears took a stand. It seems like there is a double top pattern forming near $52,000.

A high was formed near $52,111 and the price started a fresh decline. There was a break below the $51,200 and $50,500 support levels. There was also a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair.

The pair traded below the 50% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. Bitcoin is now trading below $50,000 and the 100 hourly simple moving average.

It is also trading below the 76.4% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. An immediate support is near the $49,500 zone. The first major support is near $49,000.

Source: BTCUSD on TradingView.com

A downside break below the $49,000 level could push the price towards the $48,800 support. Any more losses may possibly push the price towards the $47,500 support zone.

Recovery In BTC?

If bitcoin manages to stay above the $49,500 support zone, it could start a decent increase. An immediate resistance on the upside is near the $50,000 level.

The next key resistance could be $50,800 and the 100 hourly SMA. A clear move above the $50,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,800 level.

Technical indicators:

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

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

Major Support Levels – $49,500, followed by $47,500.

Major Resistance Levels – $50,000, $50,800 and $51,800.

Leave A Reply

Your email address will not be published.