Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $50K

 2021-12-09 09:15:39

Bitcoin price corrected below the $50,000 support level from the $52,000 resistance zone. BTC has broken the $49,500 support level, but the bears were active near the $49,000 level.


 upload/2021120909323315899.png


From the above hourly chart, the price is now trading near $49,000 and below the 100 hourly simple moving average. An immediate resistance on the upside is near the $50,500 level. The next major resistance is near the $50,900 level. A clear break above the $50,500 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price may possibly start a major increase.

 

If bitcoin fails to clear the $50,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level and the 100 hourly SMA. The first major support is now forming near the $49,000 level. A downside break below the $49,000 support may perhaps increase selling pressure. The next stop for the bears might be $47,200.


Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

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

Major Support Levels $50,000, followed by $49,000.

Major Resistance Levels $50,500, $50,900 and $52,000.


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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