BTC / USD
27,835.01
0.98%
(+269.03)
ETH / USD
1,776.78
1.47%
(+25.8)
XRP / USD
0.45
2.6%
(-0.01)
LTC / USD
93.52
0.71%
(+0.66)
EOS / USD
1.14
0.09%
(-0)
BCH / USD
125.85
0.87%
(-1.11)
ADA / USD
0.36
0.17%
(-0)
XLM / USD
0.09
0.15%
(-0)
NEO / USD
12.23
0.99%
(+0.12)
XEM / USD
0.04
0.49%
(0)
DASH / USD
59.44
0.75%
(-0.45)
USDT / USD
1.00
0%
(0)
BNB / USD
326.55
0.93%
(+3.02)
QTUM / USD
3.12
0.16%
(+0.01)
XVG / USD
0.00
0.49%
(-0)
ONT / USD
0.23
3.53%
(+0.01)
ZEC / USD
36.46
1.67%
(+0.6)
STEEM / USD
0.21
4.56%
(+0.01)

Bitcoin Resumes Decline, Indicators Suggest Limited Upside

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Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term.

  • Bitcoin started a fresh decline below the $50,000 and $49,500 support levels.
  • The price is trading below $49,000 and the 100 hourly simple moving average.
  • There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but upsides might be limited above $49,200 in the near term.

Bitcoin Price Gains Bearish Momentum

Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone.

Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level.

A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level.

The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800.

Source: BTCUSD on TradingView.com

Besides, the 50% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is near the $49,700 zone to act as a resistance. A clear move above the $49,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,200 level.

More Losses In BTC?

If bitcoin fails to recover above $49,200, it could continue to move down. An immediate support is near the $47,500 zone. The first major support is near $47,200.

A downside break below the $47,200 level could push the price towards the $46,500 support. Any more losses may possibly lead the price towards the $45,500 support zone.

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 well below the 40 level.

Major Support Levels – $47,200, followed by $46,500.

Major Resistance Levels – $48,200, $48,800 and $49,800.

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