bitcoin price is struggling to overcome the $52,000 resistance. btc could start a decent downward correction if it breaks the $50,500 support zone.
- bitcoin price is still struggling to break above the $52,000 resistance zone.
- The price is trading below $51,600 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support at $51,500 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could extend its current decline and revisit the $50,500 support.
bitcoin price faces resistance at $52,000
bitcoin price retested the $50,500 support zone and even shot up towards $50,400. However, the bulls were active near $50,450. A low was formed at $50,456 and the price recovered above $51,200.
The bears are now protecting a bullish break above the $52,000 resistance zone. A high is formed at $51,936 and the price is now declining. There was a break below a connecting uptrend line with support at $51,500 on the hourly chart of the btc/USD pair.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the low of $50,456 to the high of $51,936. bitcoin is now trading below $51,600 and the 100 hourly simple moving average.
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Fountain: BTCUSD on TradingView.com
The immediate resistance is near the $51,600 level. The next key resistance could be $52,000, above which the price could rise towards the $52,500 resistance zone. The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price towards the $53,500 resistance. The next resistance could be near the $54,200 level.
Another drop in btc?
If bitcoin fails to break above the $51,600 resistance zone, it could start another decline in the short term. Immediate downside support is near the $51,300 level and the 100 hourly SMA.
The first major support is $51,100 or the 50% retracement level of the upward move from the low of $50,456 to the high of $51,936. If there is a close below $51,100, the price could start a decent pullback. In the given case, the price could fall towards the $50,500 support zone, below which the price could even test $50,000.
Technical indicators:
MACD Hourly: The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now below the 50 level.
Main support levels: $51,100, followed by $50,500.
Main resistance levels: $51,600, $51,800 and $52,000.
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