Bitcoin price started a fresh decline from the ,000 resistance against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could resume decline if it fails to clear the ,000 resistance zone. Bitcoin price is struggling below ,000 against the US Dollar. BTC might decline heavily if there is no clear break above the ,000 resistance zone. Bitcoin Price Analysis Bitcoin price started a major decline from the ,000 resistance zone. BTC traded below the ,000 and ,000 support levels to move into a bearish zone. The price even broke the ,000 support zone and the 55
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- Bitcoin price started a fresh decline from the $59,000 resistance against the US Dollar.
- The price is now trading below $52,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line with resistance near $52,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could resume decline if it fails to clear the $52,000 resistance zone.
Bitcoin price is struggling below $52,000 against the US Dollar. BTC might decline heavily if there is no clear break above the $52,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a major decline from the $60,000 resistance zone. BTC traded below the $55,000 and $52,000 support levels to move into a bearish zone.
The price even broke the $50,000 support zone and the 55 simple moving average (4-hours). Finally, there was a spike below the $45,000 level. A low was formed near $42,333 and recently there was an upside correction. There was a break above the $45,000 and $47,000 resistance levels.
There was a break above the 23.6% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. It is now trading above $50,000, but it is below the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $50,850 level. It is near the 50% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. There is also a major bearish trend line with resistance near $52,000 on the 4-hours chart of the BTC/USD pair.
The main resistance is forming near the $52,000 zone. A close above the $52,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $55,000 level.
An immediate support on the downside is near the $50,000 level. The next key support is near the $49,600 level. If the price fails to stay above $49,600, it could extend losses in the near term. The next major support sits near $47,000, below which there is a risk of a move towards the $45,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $52,000 and the 55 simple moving average (4-hours). Overall, the price could resume decline if it fails to clear the $52,000 resistance zone.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is just above the 50 level.
Key Support Levels – $49,600 and $47,000.
Key Resistance Levels – $50,850, $52,000 and $55,000.