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Bitcoin

TA: Bitcoin Breaks $53K, Why BTC Could Soon Revisit $50K

Aayush Jindal by Aayush Jindal
3 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price attempted a recovery above $56,000 against the US Dollar, but it struggled above $57,000. BTC trimmed gains and it even broke the $53,200 support zone.

  • Bitcoin extended its decline below $53,200 and $53,000 support levels.
  • The price is now trading well below $54,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $54,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower towards the $51,000 and $50,000 levels in the near term.

Bitcoin Price Extends Losses

Yesterday, bitcoin started a decent recovery above the $55,500 and $56,000 levels. BTC even spiked above the $57,000 resistance and the 100 hourly simple moving average.

However, the price struggled to continue higher and it started a fresh decline from the $57,235 high. It broke a few important supports near the $56,000 and $55,500 levels. There was also a break below a key bullish trend line with support near $54,220 on the hourly chart of the BTC/USD pair.

The price even declined below the $54,000 support level and the $53,200 pivot level. It traded to a new weekly low at $51,634 and it is now consolidating losses. An initial resistance is near the $53,000 level. It is close to the 23.6% Fib retracement level of the recent decline from the $57,235 high to $51,634 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $53,200 pivot level. If there is a fresh increase above $53,200, the price could recover towards the $54,500 level. The 50% Fib retracement level of the recent decline from the $57,235 high to $51,634 low is also close to $54,500.

More Losses in BTC?

If bitcoin fails to correct higher above $53,200 and $54,500, there are chances of more downsides in the near term. An initial support is near the $51,500 level.

The first key support is now near the $51,000 level, below which the price is likely to test the $50,000 support zone. Any more losses might call for a move towards the $48,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.

Major Support Levels – $51,000, followed by $50,000.

Major Resistance Levels – $53,200, $54,500 and $55,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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