Bitcoin Price Starts Fresh Recovery, Is the Plunge Over?

 2021-12-07 08:08:02

Bitcoin price started a decent recovery wave after a major decline below $45,000. Yesterday, BTC climbed back above the $46,500 and $48,000 resistance levels to start the recent recovery.


Today, Bitcoin is trading above $50,000 against the USDT. Bitcoin continued a recovery wave above the key $50,000 resistance zone. The price is now trading near $51,000 and the 100 hourly simple moving average.


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From the hourly chart above, there is a short-term bullish trend line forming with support near $49,600. The pair could start a decent upward move if there is a close above $51,300. The next key resistance is near the $52,500 level, above which the price could accelerate higher. In the stated case, the price could rise towards the $53,500 level.

 

If bitcoin fails to clear the $51,300 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,200 level. The first major support is now forming near the $49,600 level and the trend line. A downside break below the $49,600 support may perhaps start a fresh decline. The next stop for the bears might be $46,000.

 

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Major Support Levels – $50,200, followed by $49,600.

Major Resistance Levels – $51,300, $52,500 and $53,500.

 

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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