Bitcoin Price Analysis:
Bitcoin price failed to initiate a fresh increase above the $52,200 resistance zone. BTC fell below $52,000 and is slowly moving lower. A break below the $51,500 level.
The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. Price breaks above $51,000. The price surged above the 50% Fib retracement level of the swing high of $52,991 to low of $50,636.
Bitcoin is currently trading below $52,000 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.
Immediate resistance is near $51,550. The next key resistance level is likely to be $51,800, above which the price could rise towards the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the swing high of $52,991 to low of $50,636.
The main resistance is currently located near $53,000. A clear break above the $53,000 resistance could push the price towards the $53,500 resistance. The next level of resistance is likely to be near $54,200.
More Bitcoin losses?
If Bitcoin fails to break above the $52,000 resistance, it could start another decline in the near term. Immediate support on the downside lies near the $51,100 level.
The first major support level is $50,500. If there is a close below $50,500, the price may gain bearish momentum. In the above scenario, the price is likely to fall towards the $49,200 support zone, below which the price may turn bearish in the short term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support level – $51,100, followed by $50,500.
Major resistance levels – $51,550, $51,800, and $52,500.
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