Bitcoin price is struggling to rise above the $52,000 resistance. BTC is now in danger of a downward break below the $50,500 support zone.
- Bitcoin price is struggling to clear the $52,000 resistance zone.
- The price is below $51,800 and the 100 hourly simple moving average.
- A bearish flag is forming with support at $51,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate a major decline if it breaks below the $50,500 support.
Bitcoin price struggles below $52,000
Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC settled below $51,800 and slowly moved lower. There was a decline below the $51,200 level before a slight recovery.
The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the swing high at $52,990 to the low at $50,636. However, the bears were active near the $52,000 resistance zone.
Bitcoin is now trading below $51,800 and the 100 hourly simple moving average. There is also a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair.
The immediate resistance is near the $51,800 level. The next key resistance could be at $52,000, above which the price could rise towards the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward wave from the swing high at $52,990 to the low at $50,636.
Source: BTCUSD on TradingView.com
The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could propel the price towards the $53,500 resistance. The next resistance could be near the $54,200 level.
Downside break in BTC?
If Bitcoin fails to rise above the $51,800 resistance zone, it could see another decline in the short term. The immediate downside support is near the $51,100 level and the channel trend line.
The first major support is at $50,550. If it closes below $50,550, the price could start a decent decline. In the mentioned case, the price could fall towards the $49,500 support zone, below which the price could even test $49,200.
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.
Main support levels – $51,100, followed by $50,550.
Major resistance levels – $51,800, $52,000 and $52,500.
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