Bitcoin price failed to stay above the $50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the $50,000 pivot level.
There was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USDT pair. The pair even broke the $47,000 support level and settled well below the 100 hourly simple moving average.
A low was formed near $45,759 and the price is now correcting losses. A proper break above the $48,250 resistance could open the doors for more upsides. The next key resistance is near the $50,000 level, above which the price may possibly gain momentum.
If bitcoin fails to clear the $48,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $46,500 level.The first major support is now forming near the $46,000 level. A downside break below the $46,000 support may perhaps push the price towards the $45,500 support. Any more losses could lead the price towards the $45,000 support zone in the near term.
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently near the 50 level.
Major Support Levels – $46,250, followed by $46,000.
Major Resistance Levels – $47,400, $48,000 and $48,250.
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.