Bitcoin Price Stuck In Range While ETH Surges, More Downsides Ahead?

Bitcoin worth is struggling to clear the $52,000 resistance. BTC may begin a good draw back correction if it breaks the $50,500 assist zone.

• Bitcoin worth remains to be struggling to clear the $52,000 resistance zone.
• The value is buying and selling under $51,600 and the 100 hourly Easy shifting common.
• There was a break under a connecting bullish development line with assist at $51,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may prolong its present decline and revisit the $50,500 assist.

Bitcoin Value Faces Resistance At $52K

Bitcoin worth retested the $50,500 assist zone and even spiked towards $50,400. Nevertheless, the bulls had been lively close to the $50,450. A low was shaped at $50,456 and the worth recovered above $51,200.

The bears at the moment are defending an upside break above the $52,000 resistance zone. A excessive is shaped at $51,936 and the worth is now shifting decrease. There was a break under a connecting bullish development line with assist at $51,500 on the hourly chart of the BTC/USD pair.

There was a break under the 23.6% Fib retracement stage of the upward transfer from the $50,456 swing low to the $51,936 excessive. Bitcoin is now buying and selling under $51,600 and the 100 hourly Easy shifting common.

Supply: BTCUSD on TradingView.com

Fast resistance is close to the $51,600 stage. The following key resistance may very well be $52,000, above which the worth may rise towards the $52,500 resistance zone. 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 following resistance may very well be close to the $54,200 stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $51,600 resistance zone, it may begin one other decline within the close to time period. Fast assist on the draw back is close to the $51,300 stage and the 100 hourly SMA.

The primary main assist is $51,100 or the 50% Fib retracement stage of the upward transfer from the $50,456 swing low to the $51,936 excessive. If there’s a shut under $51,100, the worth may begin a good pullback. Within the acknowledged case, the worth may decline towards the $50,500 assist zone, under which the worth would possibly even check $50,000.

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 under the 50 stage.

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

Main Resistance Ranges – $51,600, $51,800, and $52,000.

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