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Bitcoin

TA: Bitcoin Consolidates Below $50K: What Could Trigger A Sharp Decline

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin is struggling to clear the $50,000 resistance zone against the US Dollar. BTC could decline heavily if it stays below $50,000 for a long time.

  • Bitcoin is struggling and showing bearish signs below the $50,000 resistance.
  • The price is now trading just below $49,000 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above the $50,000 level to start a steady increase in the near term.

Bitcoin Price Faces Resistance

Bitcoin price started a recovery wave from the $47,000 support zone. BTC climbed above the $48,500 and $49,000 resistance levels. It even broke the $50,000 zone and the 100 hourly simple moving average.

However, there was no upside continuation above $50,800. A high was formed near $50,788 and the price started a fresh decline. There was a clear move below the $50,000 level. The price declined below the 50% Fib retracement level of the upward move from the $46,943 swing low to $50,788 high.

Besides, there was a break below a key rising channel with support near $49,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading just below $49,000 and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $49,200 level. The first major resistance is near the $49,500 level. The main resistance is near the $50,000 zone. A daily close above the $50,000 level could open the doors for more upsides. The next key resistance is near the $50,800 level, above which the price may possibly rise towards the $52,000 level.

More Losses In BTC?

If bitcoin fails to clear the $50,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $48,500 level.

The first major support is now forming near the $48,400 level. It is near the 61.8% Fib retracement level of the upward move from the $46,943 swing low to $50,788 high. A downside break below the $48,400 support may perhaps push the price towards the $47,000 breakdown support.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $48,400, followed by $47,000.

Major Resistance Levels – $49,200, $50,000 and $50,800.

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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