Bitcoin price fell over 15% and tested $ 42,000 against the US dollar. BTC is bouncing back, but it could face sellers near the $ 48,500 and $ 49,000 resistance levels.
- Bitcoin began a sharp decline below the $ 50,000 and $ 48,500 support levels.
- The price is now trading well below $ 50,000 and the 100-hour simple moving average.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke below a major bullish trendline with support near USD 52,150.
- The pair is correcting losses, but the bears are likely to remain active near $ 48,500 and $ 50,000.
Bitcoin price recovers over $ 45,000
Bitcoin price failed to break the $ 53,000 zone and began a sharp decline. BTC broke the key USD 52,000 support zone and the 100-hour simple moving average into a bearish zone.
There was also a break below a major bullish trendline with support near $ 52,150 on the hourly chart for the BTC / USD pair. The pair even fell well below the USD 48,500 support zone. Eventually there was a break below the $ 45,000 support zone and the price tested the $ 42,000 level.
A low was formed at $ 42,000 before a recovery wave emerged. The price climbed above the $ 45,000 resistance. It broke the 23.6% fib retracement level of the recent decline from the $ 52,800 swing high to the $ 42,000 swing low.
Source: BTCUSD on TradingView.com
Immediate resistance to the upside is near the $ 47,500 mark. It is near the 50% Fib retracement level of the recent decline from the $ 52,800 swing high to the $ 42,000 swing low. The first major resistance is near the $ 48,500 mark. A closing price above the $ 48,500 mark could push the price higher in the short term. The next big hurdle for the bulls could be near the $ 50,000 zone.
More losses at BTC?
If Bitcoin fails to break the $ 48,500 resistance zone, it could see another decline. Immediate support on the downside is near the $ 46,500 mark.
The first major support is near the $ 46,000 mark. If there is a downside break below the USD 46,000 support zone, the price could extend its decline. In the named case, the price could test the $ 43,500 support.
Hourly MACD – The MACD is slowly picking up pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is still well below the 50 level.
Major Support Levels – $ 46,500, followed by $ 46,000.
Main Resistance Levels – $ 47,500, $ 48,500, and $ 50,000.