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

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

Bitcoin Price Faces Resistance At $52K

Bitcoin worth retested the $50,500 support zone and even spiked towards $50,400. However, the bulls had been energetic close to the $50,450. A low was fashioned 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 fashioned at $51,936 and the worth is now transferring decrease. There was a break under a connecting bullish development line with help at $51,500 on the hourly chart of the BTC/USD pair.

There was a break under the 23.6% Fib retracement degree 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 Simple transferring common.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $51,600 degree. The subsequent key resistance could possibly be $52,000, above which the worth may rise towards the $52,500 resistance zone. The primary resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance may ship the worth towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 degree.

Another 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. Immediate help on the draw back is close to the $51,300 degree and the 100 hourly SMA.

The first main help is $51,100 or the 50% Fib retracement degree 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. In the acknowledged case, the worth may decline towards the $50,500 help 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 Strength Index) – The RSI for BTC/USD is now under the 50 degree.

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

Major Resistance Levels – $51,600, $51,800, and $52,000.

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 individual analysis earlier than making any funding selections. Use info supplied on this web site fully at your individual danger.