Bitcoin price started a fresh decline from well above ,000 against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could decline heavily if there is a clear move below the ,100 support zone. Bitcoin price is trading below ,000 against the US Dollar. BTC might continue to decline as long as it is below the ,000 pivot level. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,100 resistance. BTC traded below the ,500 and ,000 support levels to move again into a bearish zone. There was a break below a key bullish trend line with
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- Bitcoin price started a fresh decline from well above $51,000 against the US Dollar.
- The price is now trading below $50,000 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $50,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could decline heavily if there is a clear move below the $47,100 support zone.
Bitcoin price is trading below $50,000 against the US Dollar. BTC might continue to decline as long as it is below the $50,000 pivot level.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $52,100 resistance. BTC traded below the $50,500 and $50,000 support levels to move again into a bearish zone.
There was a break below a key bullish trend line with support near $50,500 on the 4-hours chart of the BTC/USD pair. Besides, the pair declined below 50% Fib retracement level of the upward move from the $45,568 swing low to $52,100 high.
The pair is now trading below $50,000 and the 55 simple moving average (4-hours). An immediate support on the downside is near the $47,500 level.
The next key support is near the $47,200 level. It is near the 76.4% Fib retracement level of the upward move from the $45,568 swing low to $52,100 high. If the price fails to stay above $47,200, it could extend losses in the near term.
The next major support sits near $46,500, below which there is a risk of a move towards the $45,500 level. On the upside, an initial resistance is near the $48,400 level. The main resistance is forming near the $49,600 zone and the 55 SMA.
A close above the $49,600 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $50,000 level. The next major resistance on the upside is near the $52,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $50,000 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if there is a clear move below the $47,100 support 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 now below the 50 level.
Key Support Levels – $47,200 and $45,500.
Key Resistance Levels – $48,400, $49,600 and $52,000.