Bitcoin Price Drops Below $52K Sharply, Is the Rally Over?

 2021-09-07 09:04:17

Bitcoin price broke the key $52,000 resistance zone yesterday and kept the trend in this early morning. However, it sharply fell back to $51,000 half an hour ago. This indicates that the rally of this time is not that stable and $50K is a significant point to keep a bullish trend.

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The price is now trading above $50,000 and the 100 hourly simple moving average. Bitcoin price keeps trading above the 100 hourly SMA for 6 days by now. If it keeps doing well, the price may go further to $55,000.

 

Now there is a key bullish trend line forming with support near $51,050 on the hourly chart. If Bitcoin fails to hold on this line, it could drop further below $50,000 and it would take more time for it back to the key line of $50K.

 

Technical indicators:

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

Hourly RSI – The RSI is below the 40-level.

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

Major Resistance Levels – $51,850, $52,500 and $53,000.


DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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