The exchange rate of Bitcoin against the U.S. dollar rose to more than $51,000. BTC must remain stable above US$49,500 in order to continue to rise in the short term.
- Bitcoin started a wave of recovery above the $50,500 resistance zone.
- The price is now trading above $50,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), it broke below the connected bullish trend line, and the support level was near $50,800.
- If the price is higher than 49,500 US dollars, the currency pair may start a new rise.
Bitcoin price loses momentum
Bitcoin price expands its wave of recovery above 50,000 USD resistance zone. BTC even recovered above the resistance levels of 50,500 USD and 51,200 USD.
However, the price failed to exceed the USD 52,000 resistance zone. A high was formed near US$51,955, and the price is now correcting its gains. Break below the USD 51,000 support area. The price fell below the 23.6% Fibonacci retracement level and recovered from a low of $47,210 to a high of $51,955.
On the hourly chart of the BTC/USD currency pair, the support level was also broken below the connected bullish trend line near $50,800.The currency pair is currently trading at a price higher than $50,000, and 100 hour simple moving average.
Source: BTCUSD on TradingView.com
The immediate upside resistance is near 51,000 USD. The next major resistance is near $51,800. A clear break of the 51,080 USD resistance zone may open the door to more upside. The next key resistance is near the $52,000 level, above which the price may rise further. Under the above circumstances, the price may rise to the level of $53,500.
BTC lose more?
If Bitcoin fails to break through the $51,800 resistance zone, it may continue to fall. The immediate downside support is near $50,000.
The first major support is formed near the $49,500 and 100-hour moving average. It is close to the 50% Fibonacci retracement level of the upward movement from the swing low of $47,210 to the high of $51,955. A break below the $49,500 support level may increase selling pressure. The next stop for the bears may be $48,000.
Hourly MACD-MACD is slowly accelerating in the bearish zone.
Hourly RSI (Relative Strength Index)-The RSI for BTC/USD is currently below the 50 level.
The main support level-50,000 USD, then 49,500 USD.
The main resistance levels-51,800 USD, 52,000 USD and 53,500 USD.