Bitcoin price is ranging between $49,500 and $50,400. In case the $$49,500 holds the price, there is chance for short-term upward movement. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin is ranging above the $49,500 support level.
- Currently, BTC is over $49,500 and the 1-hour candles are above the SMA100
- For the 1-hour chart, we can see an upward trend with support level at $49,500.
- If Bitcoin price stabilizes above $49,500, a short-term bull run will likely follow.
Bitcoin Price Action Analysis
Bitcoin price had to back down after touching $51,000 and the $50,500 support failed. BTC penetrated the 23.6% Fibonacci retracement level from the latest fall from $48,308 to $51,006. The price even got close to the 50% Fibonacci retracement and was ranging above this point. At that point, it briefly went below that point and even touched $49,370.
Currently, BTC is ranging above $49,500. For the 1-hour chart, there is an important upward trend with support level at $49,500. This zone is near the 50% Fibonacci retracement level and going below it would mean a strong downward trend.
As of now, Bitcoin price is over $49,500 and the 1-hour candles are above the SMA100. First support level is at $49,500.
This support level is especially crucial since it is close to the %50 Fibonacci as well as the support level for the upward trend. Losing this level means the price will significantly come down.
Following that, the next support level will be at $49,200. In case it too fails to support, then we will have $49,000 followed by the $48,750 to $48,600 zone. More downward trend at that point will bring the price near the $48,000 and then $46,500.
On the other hand, if Bitcoin successfully saves $49,500, the price could grow in short-term. In that scenario, the first resistance level is at the $50,400 to $50,550 zone. Surpassing this point will put the $51,000 as the next resistance level. Further will have $51,400, $52,00, $52,200 as the next resistance levels. The $52,200 is crucial since it is near the resistance level for the upward trend and surpassing it could bring momentum to the bull run.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an downward movement.
RSI: the 1-hour relative strength index is currently 52.
Resistance levels: Respectively, the $51,000, $51,400 and $52,000 are crucial resistance levels.
Support levels: the $49,950 and $48,500 and $48,000 are important support levels that will cause further decline if they are broken.
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.
