.Bitcoin In Recovery – Here Are The Levels To Watch – Bitcoin price extended its decline and traded close to $ 50,000 against the US Dollar. BTC is currently consolidating losses and is likely to start a recovery towards $ 55,000.
Bitcoin pulled the drop below the $ 52,500 and $ 51,200 support levels.
The price is currently trading well below $ 55,000 and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair includes an important contract triangle with resistance around $ 52,500.
The pair is likely to correct towards $ 54,500 or even $ 55,000 if it clears $ 53,150.
Bitcoin Price Extends Losses
After falling below $ 53,000, Bitcoin extended its decline. BTC broke the $ 52,500 and $ 51,200 support levels to move into the bearish zone.
. A low has occurred around $ 50,400 and the price is currently consolidating losses. It is trading well below the $ 55,000 and the 100 hourly simple moving average.
Recently, there was a correction above the $ 51,500 level.
Also, there is an important contract triangle with resistance around $ 52,500 on the hourly chart of the BTC / USD pair. If there is a reverse break above the triangle resistance, the price could even break $ 53,150. The next key resistance is near the $ 53,800 level.
The 50% Fib retracement level of the last decline from $ 57,234 to $ 50,400. A successful break above $ 53,800 could open the doors for a move towards $ 54,500 or $ 55,000.
A New Drop in BTC?
If Bitcoin fails to correct above $ 52,500 and $ 53,150, it risks further dips in the near term. Initial support is near the $ 51,000 level and the triangle bottom trend line.
The first major support is now near the $ 50,500 level, and below that the price is likely to test the $ 50,000 support zone. Further losses could push the price towards the $ 48,000 support zone in the near term.
Technical indicators
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently just above the 50 level
Major Support Levels – $ 51,000 followed by $ 50,500.
Major Resistance Levels – $ 52,500, $ 53,150 and $ 54,500.
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