Bitcoin Fails Again, Can Bulls Save The Day?

By | December 17, 2021

Bitcoin was unable to clear the $ 50,000 resistance zone against the US Dollar. BTC is slipping and there is a risk of further downsides below $ 47,000.

  • Bitcoin made two attempts to remove the $ 49,500 resistance but failed.
  • The price is now trading below $ 48,500 and the 100 hourly simple moving average.
  • A connecting uptrend line is forming with support near $ 47,500 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • The pair could decline considerably if there is a clear break below the $ 47,500 support zone.

Bitcoin price surpasses $ 49,500

Bitcoin price started a wave of recovery above the $ 48,500 resistance zone. However, BTC was unable to clear the $ 49,500 resistance zone. He made two attempts to liquidate $ 49,500, but there was no clear breakout.

As a result, there was a bearish reaction below the $ 48,500 level. The price declined below the 50% Fibonacci retracement level of the up move from the low of $ 46,662 to the high of $ 49,512. It is now trading below $ 48,500 and the 100 hourly simple moving average.

Bitcoin price is now trading near the 76.4% Fib retracement level of the up move from the low of $ 46,662 to the high of $ 49,512. A connecting uptrend line is also forming with support near $ 47,500 on the hourly chart of the BTC / USD pair.

Bitcoin price

Source: BTCUSD on TradingView.com

On the upside, the first major resistance is near the $ 48,000 level and the 100 hourly SMA. The next key resistance could be $ 48,500. The main hurdle is still near $ 49,500, above which the price could attempt a breakout to the upside above the $ 50,000 level in the near term.

Limited dips in BTC?

If bitcoin fails to clear the $ 48,500 resistance zone, it could extend the decline. An immediate support to the downside is near the $ 47,600 level.

The first major support is now forming near the $ 47,500 level and the trend line. If there is a break to the downside below the trend line, the price could fall towards the $ 46,500 level. The next major support is near $ 45,800, below which there is a risk of a sharp decline.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently below the 50 level.

Major Support Levels – $ 47,500, followed by $ 46,500.

Major Resistance Levels – $ 48,500, $ 49,500, and $ 50,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-fails-again-49-5k/

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