Bitcoin price is struggling to break above the $52,000 resistance level. BTC is now at risk of a downside breakout below the $50,500 support area.
- Bitcoin price is struggling to break the $52,000 resistance zone.
- The price is trading below $51,800 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish flag forming with support at $51,120.
- A break below the $50,500 support could start a major downtrend for the currency pair.
Bitcoin price is struggling below $52,000.
Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC stabilized below $51,800 and slowly declined. It fell below the $51,200 level before recovering slightly.
The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. However, the bears remained active near the $52,000 resistance zone.
Bitcoin is currently trading below $51,800 and the 100-hour simple moving average. There is also a bearish flag with support at $51,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $51,800 level. The next major resistance could be $52,000, above which the price may rise towards the $52,500 resistance area. It is near the 76.4% Fib retracement level of the bearish wave from the $52,990 swing high to the $50,636 low.
Source: TradingView.com BTCUSD
Key resistance is currently near the $53,000 level. A clear break above the $53,000 resistance may lead the price to move towards the $53,500 resistance. The next resistance could be near the $54,200 level.
What are the downsides of BTC?
If Bitcoin fails to rise above the $51,800 resistance zone, another near-term decline could begin. Immediate support for the downside is near the $51,100 level and the channel trendline.
The first major support is $50,550. If it closes below $50,550, the price could begin a significant decline. If indicated, the price may decline towards the $49,500 support zone, below which it may test $49,200.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $51,100, then $50,550.
Key resistance levels – $51,800, $52,000 and $52,500.
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