Bitcoin Corrects Gains, Why Dips Could Be Limited Below $48K

 2021-12-23 10:55:17

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There was a break below a key rising channel with support near $49,000 on the hourly chart of the BTC/USDT pair. The pair could start a fresh increase if it stays above the $47,500 support zone.

 

Bitcoin price formed a base and started a fresh increase above the $47,500 level. BTC gained pace for a move above the $48,500 level and the 100 hourly simple moving average. The upward move was such that the price even spiked above the $49,200 resistance. However, the bulls failed to pump the price towards the $50,000 level. A high was formed near $49,599 and the price started a downside correction.

 

There was a break below the $49,000 level, then it fluctuated between $48000 and $49000 and it is facing resistance near the $48,800 zone.

 

The next key resistance could be $49,200. The main breakout zone is now near $49,500. A clear move above the $49,500 resistance zone could lift the market sentiment for a move above $50,000. The next major stop for the bulls may possibly be near the $51,200 level.

 

If bitcoin fails to clear the $49,500 resistance zone, it could extend its decline. An immediate support on the downside is near the $48,000 level. The first major support is near $47,500. A downside break below the $47,500 level could push the price towards the $46,500 support, below which the price could test $45,500.

 

Technical indicators:

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

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

Major Support Levels – $48,000, followed by $47,500.

Major Resistance Levels – $49,000, $49,500 and $50,000.

 

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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