Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term.
- Bitcoin started a recovery wave above the $50,500 resistance zone.
- The price is now trading above $50,000 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it is above the $49,500 level.
Bitcoin Price Loses Steam
Bitcoin price extended its recovery wave above the $50,000 resistance zone. BTC even climbed back above the $50,500 and $51,200 resistance levels.
However, the price failed to surpass the $52,000 resistance zone. A high was formed near $51,955 and the price is now correcting gains. There was a break below the $51,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high.
There was also a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair. The pair is now trading above $50,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $51,000 level. The next major resistance is near the $51,800 level. A clear break above the $51,080 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price could rise further. In the stated case, the price could rise towards the $53,500 level.
More Losses In BTC?
If bitcoin fails to clear the $51,800 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level.
The first major support is now forming near the $49,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high. A downside break below the $49,500 support may perhaps increase selling pressure. The next stop for the bears might be $48,000.
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 currently below the 50 level.
Major Support Levels – $50,000, followed by $49,500.
Major Resistance Levels – $51,800, $52,000 and $53,500.
942910 779084Wow, incredible blog format! How lengthy have you been blogging for? you make running a blog glance effortless. The full glance of your site is fantastic, as smartly the content material material! 702844
It¦s actually a cool and useful piece of info. I am happy that you simply shared this helpful info with us. Please stay us up to date like this. Thank you for sharing.
I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You’ve made my day! Thx again!
What i do not understood is actually how you’re not really much more well-liked than you may be now. You’re so intelligent. You realize therefore significantly relating to this subject, made me personally consider it from numerous varied angles. Its like men and women aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs nice. Always maintain it up!
There are actually lots of particulars like that to take into consideration. That may be a great level to bring up. I provide the thoughts above as common inspiration but clearly there are questions just like the one you deliver up where a very powerful thing shall be working in honest good faith. I don?t know if greatest practices have emerged round issues like that, however I’m sure that your job is clearly recognized as a good game. Both boys and girls really feel the impression of only a moment’s pleasure, for the remainder of their lives.
Hola! I’ve been following your web site for some time now and finally got the courage to go ahead and give you a shout out from New Caney Texas! Just wanted to mention keep up the excellent work!
Very interesting subject, thankyou for posting. “Time flies like an arrow. Fruit flies like a banana.” by Lisa Grossman.
Wow! Thank you! I permanently needed to write on my website something like that. Can I include a part of your post to my website?