Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K?

 2021-12-28 08:19:38

Bitcoin price made another attempt to clear the $51,800 resistance zone. BTC spiked towards the $52,000 zone, where the bears took a stand. It seems like there is a double top pattern forming near $52,000.

 

A high was formed near $52,100 and the price started a fresh decline. There was a break below the $51,200 and $50,500 support levels. There was also a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USDT pair.


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Then BTC has plummeted from a high of $52,100 to a low of $48,700, with a decline of 6.5% within ten hoursFrom the hourly chart aboveBitcoin is now rebounding slightly, trading below $49,500 and well below the 100 hourly simple moving average.

 

A downside break below the $49,000 support zone could push the price towards the $48,800 support. Any more losses may possibly push the price towards the $47,500 support zone.

 

If bitcoin manages to breach the $49,500 level, it could start a increase. An immediate resistance on the upside is near the $50,000 level. The next key resistance could be $50,800 and the 100 hourly SMA. A clear move above the $50,800 resistance zone could start a fresh increase.

 

Technical indicators:

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

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

Major Support Levels – $49,000, followed by $47,500.

Major Resistance Levels – $49,500, $50,000 and $50,800.

 

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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