Bitcoin Dives Beneath Key Help, Right here’s Why BTC Bears Are Again


Bitcoin value failed to remain above the $54,000 assist in opposition to the US Greenback. BTC is declining and it’s prone to speed up losses beneath the $50,000 assist zone.

  • Bitcoin is declining from effectively above $55,000 and it broke the $53,500 assist.
  • The value is now buying and selling effectively beneath $52,000 and the 100 hourly easy transferring common.
  • There was a break beneath a significant declining channel with assist close to $52,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to proceed decrease beneath the $50,500 and $50,000 assist ranges.

Bitcoin Value is Down 7%

Bitcoin tried an upside break above the $55,500 degree, however it failed. BTC traded as excessive as $55,493 and lately began a robust decline.

There was a break beneath the $54,000 and $53,500 assist ranges. There was additionally a break beneath a significant declining channel with assist close to $52,800 on the hourly chart of the BTC/USD pair. The pair is now buying and selling effectively beneath $52,000 and the 100 hourly easy transferring common.

It even broke $51,000 and traded as little as $50,512. On the upside, an preliminary resistance is close to the $51,680 degree. It’s close to the 23.6% Fib retracement degree of the latest drop from the $55,493 excessive to $50,512 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $52,500 degree. The primary resistance is now forming close to the $53,000 zone. The 50% Fib retracement degree of the latest drop from the $55,493 excessive to $50,512 low can be close to the $53,000 zone. A profitable break above the $52,500 and $53,000 ranges is should to start out a recent enhance within the close to time period.

Extra Losses in BTC?

If bitcoin fails to clear the $52,500 and $53,000 resistance ranges, it might proceed to maneuver down. A direct assist on the draw back is close to the $50,500 degree.

The primary key assist is close to the $50,000 degree. If the bears are in a position to clear the $50,000 assist, the value might dive additional. The following main assist is close to the $49,200 degree, beneath which the value might check the $48,000 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining power within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 30 degree.

Main Help Ranges – $50,000, adopted by $48,000.

Main Resistance Ranges – $51,500, $52,500 and $53,000.



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