The price of Bitcoin failed to stabilize above $ 50,000 and fell below this area. In the last few hours, Bitcoin has reached below $ 49,000 support and is trading below the simple 100-hour moving average.
to the Report NewsBeats also fell below $ 48,500 and reached $ 47,800. $ 47,600 acted as the price floor in the recent fall, and currently each bitcoin unit is stabilizing at around $ 48,000. $ 48,300 is the first resistance to the price of Bitcoin. The resistance is near Fibonacci 23.6%, which fell from $ 50,519 to $ 47,611.
$ 48,800 also acts as a significant resistance on the chart. At around $ 48,800, we are witnessing the formation of a key downtrend line. At the 1-hour timeframe, the resistance of this trend line is near $ 48,800.
$ 47,600 is the first support for the Bitcoin price. $ 47,300 is a key support for this digital currency. If $ 47,300 is broken, it is likely to fall further. Another support has formed near 46,800. If you cross these support areas, the price is likely to drop to the $ 46,000 support area.
If the price of Bitcoin stabilizes above 47,000, it is likely that we will see an upward trend. In this case, $ 48,300 serves as the first resistance area.
The key resistance of Bitcoin is near $ 48,800 and the trend line. Fibonacci 50% of the recent fall is in the same area. Closing the price above the trend line opens the way for a jump of up to $ 50,000.
The MACD is in the uptrend zone and the Relative Strength Index (RSI) is currently below the 50 level.