Bitcoin price failed to stay above the USD 54,000 support against the US dollar. BTC is declining and it is likely to accelerate losses below the USD 50,000 support zone.
- Bitcoin is down well above USD 55,000 and broke the USD 53,500 support.
- The price is now trading well below $ 52,000 and the 100 simple hourly moving average.
- There was a break below a major down channel with support near USD 52,800 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to remain below the USD 50,500 and USD 50,000 support levels.
Bitcoin price is down 7%
Bitcoin attempted an upward breach above the USD 55,500 level, but failed. BTC traded as high as USD 55,493 and recently started a strong decline.
There was a break below the USD 54,000 and USD 53,500 support levels. There was also a break below a major channel downward with support near USD 52,800 on the hourly chart of the BTC / USD pair. The pair is now trading well below USD 52,000 and the 100-hour simple moving average.
In fact, it broke $ 51,000 and traded as low as $ 50,512. On the upside, the initial resistance is near the USD 51,680 level. It is close to the 23.6% Fib retracement level of the recent drop from the high of $ 55,493 to the low of $ 50,512.
Source: BTCUSD on TradingView.com
The first major resistance is near the USD 52,500 level. The main resistance is now forming near the USD 53,000 zone. The 50% Fib retracement level of the recent drop from the $ 55,493 high to the $ 50,512 low is also near the $ 53,000 zone. A successful break above the USD 52,500 and USD 53,000 levels is a must to start a fresh rise any time soon.
More losses in BTC?
If bitcoin fails to clear the USD 52,500 and USD 53,000 resistance levels, it could continue to decline. An immediate support on the downside is near the USD 50,500 level.
The first major support is near the USD 50,000 level. If the bears can release the USD 50,000 support, the price could drop further. The next big support is near the USD 49,200 level, below which the price could test the USD 48,000 zone.
Hourly MACD – The MACD is slowly gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 30 level.
Key Support Levels – USD 50,000, followed by USD 48,000.
Major Resistance Levels – USD 51,500, USD 52,500 and USD 53,000.