TA: Bitcoin Fails Again, Can Bulls Save The Day?

Aayush Jindal

Last Updated: June 11, 2024 2:09 pm

2 mins read

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Bitcoin failed to clear the $50,000 resistance zone against the US Dollar. BTC is sliding and there is a risk of more downsides below $47,000.

Bitcoin made two attempts to clear the $49,500 resistance but failed.
The price is now trading below $48,500 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if there is a clear break below the $47,500 support zone.

Bitcoin Price Tops Near $49,500

Bitcoin price started a recovery wave above the $48,500 resistance zone. However, BTC failed to clear the $49,500 resistance zone. It made two attempts to clear $49,500, but there was no clear break.

As a result, there was a bearish reaction below the $48,500 level. The price declined below the 50% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. It is now trading below $48,500 and the 100 hourly simple moving average.

Bitcoin price is now trading near the 76.4% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. There is also a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the first major resistance is near the $48,000 level and the 100 hourly SMA. The next key resistance could be $48,500. The main hurdle is still near $49,500, above which the price could attempt an upside break above the $50,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $48,500 resistance zone, it could extend decline. An immediate support on the downside is near the $47,600 level.

The first major support is now forming near the $47,500 level and the trend line. If there is a downside break below the trend line, the price might dive towards the $46,500 level. The next major support is near $45,800, below which there is a risk of a sharp decline.

Technical indicators:

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

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

Major Support Levels – $47,500, followed by $46,500.

Major Resistance Levels – $48,500, $49,500 and $50,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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