Bitcoin Price Stuck In Range While ETH Surges, More Downsides Ahead?
26 Febbraio 2024 - 4:19AM
NEWSBTC
Bitcoin price is struggling to clear the $52,000 resistance. BTC
could start a decent downside correction if it breaks the $50,500
support zone. Bitcoin price is still struggling to clear the
$52,000 resistance zone. The price is trading below $51,600 and the
100 hourly Simple moving average. There was a break below a
connecting bullish trend line with support at $51,500 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
extend its current decline and revisit the $50,500 support. Bitcoin
Price Faces Resistance At $52K Bitcoin price retested the $50,500
support zone and even spiked toward $50,400. However, the bulls
were active near the $50,450. A low was formed at $50,456 and the
price recovered above $51,200. The bears are now protecting an
upside break above the $52,000 resistance zone. A high is formed at
$51,936 and the price is now moving lower. There was a break below
a connecting bullish trend line with support at $51,500 on the
hourly chart of the BTC/USD pair. There was a break below the 23.6%
Fib retracement level of the upward move from the $50,456 swing low
to the $51,936 high. Bitcoin is now trading below $51,600 and the
100 hourly Simple moving average. Source: BTCUSD on TradingView.com
Immediate resistance is near the $51,600 level. The next key
resistance could be $52,000, above which the price could rise
toward the $52,500 resistance zone. The main resistance is now near
the $53,000 level. A clear move above the $53,000 resistance could
send the price toward the $53,500 resistance. The next resistance
could be near the $54,200 level. Another Decline In BTC? If Bitcoin
fails to rise above the $51,600 resistance zone, it could start
another decline in the near term. Immediate support on the downside
is near the $51,300 level and the 100 hourly SMA. The first major
support is $51,100 or the 50% Fib retracement level of the upward
move from the $50,456 swing low to the $51,936 high. If there is a
close below $51,100, the price could start a decent pullback. In
the stated case, the price could decline toward the $50,500 support
zone, below which the price might even test $50,000. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $51,100,
followed by $50,500. Major Resistance Levels – $51,600, $51,800,
and $52,000.
Grafico Azioni Bitcoin (COIN:BTCUSD)
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Grafico Azioni Bitcoin (COIN:BTCUSD)
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