Bitcoin could struggle at $52K despite the recent recovery from the lows of $45K that sent the entire market into shockwaves so let’s read more in our latest BTC news.
The price extended the decline and tested the $45K support against the US dollar but the price is now recovering the losses while the $52K zone could act as a strong resistance. BTC dropped heavily below $50K and tested the $45K support zone. However, the price is now recovering well but bitcoin could struggle at $52K again with the key bearish trend line forming at the $51,200 resistance on the hourly charts of the pair. The previous support near $51,800 could act as a stronger barrier.
There were some heavy losses in BTC below $52,000 and $50,000 support levels as the coin even tested the $45K support zone and settled well below the 100 hourly simple moving average. The new low was formed near $44,960 and the price is now recovering the losses. It managed to correct above $48K resistance with a break above 23.6% fib retracement level from the downward move at $58,400 high to $44,960 low.
The coin is now testing the $50K resistance but it is still well below the 100 hourly simple moving average. There’s also a key bearish trend line that is forming with the resistance of $51,200 on the hourly charts of the pair with the first one forming near $51,800. The 50% fib retracement level from the downward move at $58,400 high to the $44,960 low is near the $51,800 so a new close above these resistances is a level that has to be hit for a fresh increase towards $55K.
If BTC Fails to continue higher above the trend line resistance of $51,800, there are even more chances of a dip. The initial support on the downside is closer to $48,000 level. The main support is now forming near the $45K zone so if there’s a clear break below these supports, the price could drop by 10% in the near-term with the next major support standing at $40K. The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI is above the 50 levels.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Credit: Source link