Bitcoin price had to back down a bit after touching the $50,000. It is likely that it would go below the $47,600 in short-term. Here is a summary of Bitcoin in the past 24 hours:
- Bitcoin price failed to stabilize above $50,000 and started a downward trend.
- Currently, BTC is below $48,600 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we have a downward trend with support level at $48,800.
- As long as Bitcoin price is lower than $49,000, further decline is likely to follow.
Bitcoin Price Action Analysis
Bitcoin price failed to stabilize over $50,000 and we now have a bearish trend. BTC lost the crucial $49,000 support level and the 1-hour candles are below the SMA100.
At some point, Bitcoin price broke the $48,500 support and briefly went down to $47,800. The lowest recorder Bitcoin price in the past few hours has been $47,611. After that, BTC has been ranging for a while. In case of a reversal in trend, the fist resistance level will be $48,300. It is close to the 23.6% Fibonacci retracement level from the latest decline from $50,519 to $47,611.
The next crucial point to resist is at $48,800. For the 1-hour chart, there is a downward trend with the same point as resistance level.
On the other hand, if BTC fails to turn upward, the first support level will be $47,600 and the $7,300 following that. In case of a market close below $47,700, the bear run will gain momentum. After that, we can expect $46,800 to support the price. Further downfall could indicate a stronger bear run on the way and the price approaching $46,000 in short term.
If Bitcoin price remains above $47,000, we might have a new upward trend. For that scenario, the first resistance level will be around $48,300. The next one will be $48,800 near the trendline. Also, the 50% Fibonacci retracement level will stand to support the price. If BTC manages to stabilize above these points, it will have another go at the $50,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently above 0.
Resistance levels: Respectively, the $48,300, $48,800 and $49,000 are crucial resistance levels.
Support levels: the $47,600 and $47,300 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.
