HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Bitcoin Steadies Above $50K, Why BTC Could Recover To $55K

Bitcoin 2021/03/26 04:08 by Aayush Jindal

Bitcoin price extended its decline and traded close to $50,000 against the US Dollar. BTC is now consolidating losses and it is likely to start a recovery towards $55,000.

  • Bitcoin extended its decline below $52,500 and $51,200 support levels.
  • The price is now trading well below $55,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $52,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct higher towards $54,500 or even $55,000 if it clears $53,150.

Bitcoin Price Extends Losses

After a break below $53,000, bitcoin extended its decline. BTC broke the $52,500 and $51,200 support levels to move further into a bearish zone.

The bears even aimed a test of $50,000. However, the price remained stable above $50,500. A low is formed near $50,400 and the price is now consolidating losses. It is trading well below $55,000 and the 100 hourly simple moving average.

Recently, there was a correction above the $51,500 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $57,234 high to $50,400 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key contracting triangle forming with resistance near $52,500 on the hourly chart of the BTC/USD pair. If there is an upside break above the triangle resistance, the price could even break $53,150. The next key resistance is near the $53,800 level.

The 50% Fib retracement level of the recent decline from the $57,234 high to $50,400 low is also near $53,800. A successful break above $53,800 is likely to open the doors for a move towards $54,500 or $55,000.

Fresh Drop in BTC?

If bitcoin fails to correct higher above $52,500 and $53,150, there are chances of more downsides in the near term. An initial support is near the $51,000 level and the triangle lower trend line.

The first key support is now near the $50,500 level, below which the price is likely to test the $50,000 support zone. Any more losses might push the price towards the $48,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $51,000, followed by $50,500.

Major Resistance Levels – $52,500, $53,150 and $54,500.

0 Like(s)



You should also read...

Bitcoin 09/12/20 04:48 by Aayush Jindal
TA: Bitcoin Corrects 5%, Why Upsides Could Remain Capped Near $18.6K
Bitcoin price declined more than 5% and broke many supports near $18,500 against the US Dollar. BTC could correct higher, but upsides might face hurdles near $18,600. Bitcoin started a fresh decline ...
Read More
Bitcoin 15/01/21 04:38 by Aayush Jindal
TA: Bitcoin Revisits $40K, What Are Chances of BTC Hitting New ATH
Bitcoin price recovered further and surged above the $38,000 resistance against the US Dollar. BTC even spiked above $40,000 and it is likely preparing for more upsides. Bitcoin remained well bid and...
Read More
Bitcoin 09/06/21 05:08 by Aayush Jindal
TA: Bitcoin Extends Losses, Why $30K Holds The Key For Next Wave
Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline. Bitcoin extended its dec...
Read More
Bitcoin 06/07/21 05:08 by Aayush Jindal
TA: Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K
Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400. Bitcoin started a downside correction below the $35,...
Read More
Bitcoin 20/07/21 05:08 by Aayush Jindal
TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline
Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone. Bitcoin remains in a bearish zone and it ...
Read More