Bitcoin Price Analysis

Bitcoin price analysis; Relative recovery after falling to $ 42,000

The price of bitcoin failed to cross the $ 53,000 resistance yesterday and fell sharply. During the fall, the $ 52,000 support was first broken and then the price of Bitcoin fell below the simple 100-hour moving average.

to the Report Newsbate, $ 52,150, $ 48,500 and $ 45,000 were other supporters who failed to stop the downtrend. Eventually, the digital currency fell below $ 42,000 to near $ 42,000, entering a downtrend. The price floor was also recorded in the same range.

After forming a floor near $ 42,000, the price of Bitcoin revived and rose above the resistance of $ 45,000. Fibonacci 23.6% was also broken in this recovery process. The Fibonacci was formed from the recent drop from $ 52,800 to $ 42,000.

Bitcoin is currently trading at $ 46,779 per unit. 47,500 is the first resistance of the Bitcoin price and is close to the 50% Fibonacci level formed in the recent fall. $ 48,500 also serves as the main strength of this digital currency. Closing the price above $ 48,500 could spark a bitcoin rise in the short term. Resistance close to the $ 50,000 area can also be considered the next strong barrier against this digital currency.

Bitcoin price chart
Bitcoin price chart

If Bitcoin fails to break the $ 48,500 resistance barrier, another downtrend is likely to begin. In that case, $ 46,500 would be the first support for this digital currency.

$ 46,000 is the main support for Bitcoin, and if it breaks, we may see the trend strengthen. In this case, the next destination will be 43,500.

The MACD is advancing slowly in the uptrend range. The Relative Strength Index (RSI) is still below 50 and fluctuating by a wide margin.

As mentioned earlier, $ 46,500 and $ 46,000 act as the main backers of Bitcoin. $ 47,500, $ 48,500 and $ 50,000 are also significant resistances on the chart.


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