Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising

Bitcoin worth failed once more to clear the $53,000 resistance. BTC is now again beneath $52,000 and there are possibilities of a draw back break beneath the $50,500 help.

• Bitcoin worth is struggling to clear the $52,000 resistance zone.
• The worth is buying and selling beneath $52,000 and the 100 hourly Easy shifting common.
• There’s a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may achieve bearish momentum if there’s a transfer beneath the $50,500 help.

Bitcoin Value Dips Once more

Bitcoin worth failed to start out a recent improve above the $52,200 resistance zone. BTC settled beneath $52,000 and slowly moved decrease. There was a drop beneath the $51,500 stage.

The worth even revisited the $50,500 help zone. A low was fashioned at $50,636 and the worth is now making an attempt a restoration wave. There was a transfer above the $51,000 stage. The worth spiked towards the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Bitcoin is now buying and selling beneath $52,000 and the 100 hourly Easy shifting common. There may be additionally a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Speedy resistance is close to the $51,550 stage. The subsequent key resistance may very well be $51,800, above which the worth may rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement stage of the downward transfer from the $52,991 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 worth towards the $53,500 resistance. The subsequent resistance may very well be close to the $54,200 stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it may begin one other decline within the close to time period. Speedy help on the draw back is close to the $51,100 stage.

The primary main help is $50,500. If there’s a shut beneath $50,500, the worth may achieve bearish momentum. Within the said case, the worth may decline towards the $49,200 help zone, beneath which the worth would possibly flip bearish within the quick time period.

Technical indicators:

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

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

Main Help Ranges – $51,100, adopted by $50,500.

Main Resistance Ranges – $51,550, $51,800, and $52,500.

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