Bitcoin Price Accumulation – Risk of Pullback Escalates Below $52K

Bitcoin value is struggling to rise above the $52,000 resistance. BTC is now vulnerable to a draw back break beneath the $50,500 assist zone.

• Bitcoin value is struggling to clear the $52,000 resistance zone.
• The worth is buying and selling beneath $51,800 and the 100 hourly Easy shifting common.
• There’s a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a serious pullback if there’s a transfer beneath the $50,500 assist.

Bitcoin Value Struggles Under $52K

Bitcoin value remained in a short-term detrimental zone beneath the $52,200 resistance zone. BTC settled beneath $51,800 and slowly moved decrease. There was a drop beneath the $51,200 stage earlier than there was a minor restoration.

The worth recovered a number of factors above the $51,500 stage. There was a transfer above the 50% Fib retracement stage of the downward wave from the $52,990 swing excessive to the $50,636 low. Nonetheless, the bears had been energetic close to the $52,000 resistance zone.

Bitcoin is now buying and selling beneath $51,800 and the 100 hourly Easy shifting common. There may be additionally a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $51,800 stage. The subsequent key resistance might be $52,000, above which the value may rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement stage of the downward wave from the $52,990 swing excessive to the $50,636 low.

Supply: BTCUSD on TradingView.com

The principle resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the value towards the $53,500 resistance. The subsequent resistance might be close to the $54,200 stage.

Draw back Break In BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, it may begin one other decline within the close to time period. Instant assist on the draw back is close to the $51,100 stage and the channel pattern line.

The primary main assist is $50,550. If there’s a shut beneath $50,550, the value may begin an honest pullback. Within the acknowledged case, the value may decline towards the $49,500 assist zone, beneath which the value may even check $49,200.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $51,100, adopted by $50,550.

Main Resistance Ranges – $51,800, $52,000, and $52,500.

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