Prediction/Analysis

TA: Bitcoin Rejected above $ 50,000, Why BTC Might Correct Gains

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Bitcoin’s price did not rise above $ 50,000, and it was corrected against the US dollar. BTC could fall to $ 48,250 support in the near future.

  • Bitcoin tested the resistance level at $ 50 500 before it corrected lower.
  • The price is currently trading at $ 49,000, with the simple moving average of 100 hours.
  • A break below a key uptrendline was observed with support at $49,500 on the hourly BTC / USD chart (Kraken Data Feed).
  • The pair could fall to $ 48.250 or $ 47.300 in the short-term.

Bitcoin price corrects downward

Bitcoin prices traded above the $50,000 resistance but there was no continuation of the upside. BTC recently began a downward correction after testing the resistance level at $ 50,500.

The price fell below the $ 50,000 and $49,800 levels. The bears drove the price below the 50% level of the fiber retracement of the bullish move from $ 48,098 to $50,506. The hourly chart of the BTC/USD pair showed a break below the key uptrend line, with support at $ 49,500.

Bitcoin trades at $ 49,000, the 100-hour simple moving mean. Support is being provided by the 61.8% Fib Retracement level of Bitcoin’s move from the $ 48.098 low to $ 50.506.

Source: TradingView.com - BTCUSD

If the price falls below the 100-hour simple moving average, it may continue to fall. Support is located near $ 48,000. The $ 48,250 level is the next major support. Additional losses could lead to a move towards $ 47 300 support in the near future.

Increase in Bitcoins

Bitcoin could rise further if it stays above the $ 48.250 support level. The upside is that immediate resistance is close to the $ 49,000.

The $ 50,000 level is the first major resistance. Bulls could retest $ 50,500 above that. Any additional gain could lead to a larger increase above $ 51,000 In the coming days, the next major stop for bulls could be at $ 52,000.

Technical indicators

Hourly MACD- The MACD is moving in the bearish area.

Hourly RSI – The RSI to USD / BTC is now below 50.

Major Support Levels – $ 48.250, followed closely by $ 47.300.

Major Resistance Levels – $ 49,500, $ 50.000, and $ 50,000.


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