Bitcoin (BTC) Bulls Seem Exhausted, Here Are Trigger Supports For Fresh Rally
The last 5-7 daily candles suggest the current uptrend is losing pace. Therefore, there are a few chances of a downside correction in Bitcoin. Immediate support on the downside sits at $49,500. It is near the 23.6% Fib retracement level of the upward move from the $38,572 swing low to the $52,880 high. The post Bitcoin (BTC) Bulls Seem Exhausted, Here Are Trigger Supports For Fresh Rally appeared first on CoinChapter.
NEW DELHI (CoinChapter.com) — Bitcoin price is consolidating gains well above the 50-day SMA. BTC/USD correct lower before it regains strength for a move toward $55,000.
Bitcoin Price Reclaims $50K
In the previous prediction, we discussed how Bitcoin price could extend gains above the $50,000 resistance zone. BTC did form a base, settled above the 50-day simple moving average (blue), and extended its increase. There was a clear move above the $50,500 and $51,200 levels.
The price even spiked above $52,500 before the bears appeared. A new multi-month high was formed, near $52,880, before the price started a consolidation phase.
The last 5-7 daily candles suggest the current uptrend is losing pace. Therefore, there are a few chances of a downside correction in Bitcoin. Immediate support on the downside sits at $49,500. It is near the 23.6% Fib retracement level of the upward move from the $38,572 swing low to the $52,880 high.
The first major support for BTC is now forming near the $48,200 level. A bullish trend line is forming with support at $48,200 on the daily chart.
A downside break below the trend line support might send Bitcoin price toward the $45,800 support zone. It is close to the 50% Fib retracement level of the upward move from the $38,572 swing low to the $52,880 high.
The next key support is near the $45,000 level or the 50-day simple moving average (blue). Any more losses might send the price toward the $42,000 region.
More Upsides In BTC?
Conversely, Bitcoin might remain stable above the trend line support of $45,800 and start a fresh increase. Immediate resistance is near the $52,200 level. The first major resistance is near the recent high of $53,200.
If BTC bulls push the price above the $53,200 resistance, there could be a drift toward the $54,500 level. The next major hurdle for the bulls could be near the $55,000 level. A daily close above the $55,000 resistance zone could open the doors for a move toward the $56,500 resistance region.
Overall, Bitcoin price is losing pace above $50,000. BTC/USD could witness a short-term pullback, but the bulls might remain active above $45,800 and the 50-day simple moving average (blue).
The post Bitcoin (BTC) Bulls Seem Exhausted, Here Are Trigger Supports For Fresh Rally appeared first on CoinChapter.
