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

• Bitcoin value is struggling to clear the $52,000 resistance zone.
• The value is buying and selling under $52,000 and the 100 hourly Simple transferring common.
• There is a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might achieve bearish momentum if there’s a transfer under the $50,500 assist.

Bitcoin Price Dips Again

Bitcoin value failed to begin a contemporary enhance above the $52,200 resistance zone. BTC settled under $52,000 and slowly moved decrease. There was a drop under the $51,500 degree.

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

Bitcoin is now buying and selling under $52,000 and the 100 hourly Simple moving average. There can be a connecting bearish pattern line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Immediate resistance is close to the $51,550 degree. The subsequent key resistance may very well be $51,800, above which the worth might rise towards the $52,500 resistance zone. It is close to the 76.4% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Source: BTCUSD on TradingView.com

The most important resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance might ship the worth towards the $53,500 resistance. The subsequent resistance may very well be close to the $54,200 degree.

More Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it might begin one other decline within the close to time period. Immediate assist on the draw back is close to the $51,100 degree.

The first main assist is $50,500. If there’s a shut under $50,500, the worth might achieve bearish momentum. In the acknowledged case, the worth might decline towards the $49,200 assist zone, under which the worth may flip bearish within the brief time period.

Technical indicators:

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

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

Major Support Levels – $51,100, adopted by $50,500.

Major Resistance Levels – $51,550, $51,800, and $52,500.

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding selections. Use data supplied on this web site totally at your personal danger.