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TA: Bitcoin Consolidates Above $50K Why BTC Could Face Bears At $52K

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Something went wrong. Please try again later. Bitcoin has started an upside correction above the $48,000 and $50,000 support lines against the US Dollar.

  • BTC is currently consolidating over $50,000, but it could face a major hurdle near $52,000.
  • A support area near $52,000 and the 100 hourly simple moving average is providing a strong resistance. The BTC/USD pair broke above a major bearish trend line with resistance near $49,000 on the hourly chart (data from Kraken).
  • The pair must clear the $52,000 resistance zone in order to maintain its bullish trend.Bitcoin Price HurdlesAfter a clear break above $48,000, bitcoin continues to rally above $49,000.
  • Despite forming a support base above the $48,000 level, BTC is still well below the 100 hourly simple moving average. The price is trading better than the 23.6% Fib retracement level from the $58,400 swing high to $45,000 swing low.

A major bearish trend line with resistance near $48,500 was also broken on the hourly chart of the Bitcoin/USD pair. The bitcoin price is now consolidating above the $50,000 level.

Although there is very little resistance above the $51,500 level, $17,000 will be a major hurdle, as will the 50% Fib retracement level of the downward wave from the $58,400 swing high to $45,000 swing low. More upsides are needed near the $52,000 and $51,600 resistance levels in order for the market to break above.

The next major resistance above $52,000 could be near $55,000. Could it be another dip in BTC? There was also a break above a major bearish trend line with resistance near $49,500 on the hourly chart of the BTC/USD pair.

BitCoinUSDTxBTCUSD. However, there are a couple of important hurdles waiting on the upside near the $51,500 and $52,000 levels.

Bitcoin Price

Source: BTCUSD on TradingView.com

A break above a major bearish trend line with resistance near $48,500 was observed on the hourly chart of the BTC/USD pair. The price is currently still facing strong resistance near $52,200 and the 100 hourly simple moving average. Bitcoin Price Is Facing Hurdles After a clear break above the $48,000 level, bitcoin recovered further above $49,000.

It appears that Bitcoin is establishing a base above the $48,000 level, although it remains well below the 100 hourly simple moving average. The price is trading at approximately 23.6% Fib of the downward wave from the $58,400 swing high to $45,000 swing low. In addition, there was a breakout above a strong bearish trend line near $49,500 on the hourly chart of the BTC/USD pair. Bitcoin prices are now consolidating above the $50,000 level.

The 50% Fib retracement level of the downward wave from the $58,400 swing high to the $45,000 swing low can also be found near the $51,600 level to act as a strong resistance.

If bitcoin fails to continue higher above the $51,500 and $52,000 resistance levels, there could be another decline. Bitcoin could have another dip if any resistance above the $52,000 level is not overcome.

Initial support is near the $4950 level. The main support is near the $48,000 zone. RSI indicator for BTC/USD – The RSI is back above 50 level. Major Support Levels - $48,500, followed by $45,000.

$51,600, $52,000 and $55,000 – Major Resistance Levels.

Tags: bitcoin USDTxBTC USDTx Bitcoin US Dollar

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

Major Support Levels – $49,500, followed by $48,000.

Major Resistance Levels – $51,600, $52,000 and $55,000.

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 2/25/2021

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