TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K
December 07 2021 - 10:08PM
NEWSBTC
Bitcoin extended its recovery above $51,000 against the US Dollar.
BTC must remain stable above $49,500 to continue higher in the near
term. Bitcoin started a recovery wave above the $50,500 resistance
zone. The price is now trading above $50,000 and the 100 hourly
simple moving average. There was a break below a connecting bullish
trend line with support near $50,800 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start a fresh
increase if it is above the $49,500 level. Bitcoin Price Loses
Steam Bitcoin price extended its recovery wave above the $50,000
resistance zone. BTC even climbed back above the $50,500 and
$51,200 resistance levels. However, the price failed to surpass the
$52,000 resistance zone. A high was formed near $51,955 and the
price is now correcting gains. There was a break below the $51,000
support zone. The price declined below the 23.6% Fib retracement
level of the upward move from the $47,210 swing low to $51,955
high. There was also a break below a connecting bullish trend line
with support near $50,800 on the hourly chart of the BTC/USD pair.
The pair is now trading above $50,000 and the 100 hourly simple
moving average. Source: BTCUSD on TradingView.com An immediate
resistance on the upside is near the $51,000 level. The next major
resistance is near the $51,800 level. A clear break above the
$51,080 resistance zone could open the doors for more upsides. The
next key resistance is near the $52,000 level, above which the
price could rise further. In the stated case, the price could rise
towards the $53,500 level. More Losses In BTC? If bitcoin fails to
clear the $51,800 resistance zone, it could continue to move down.
An immediate support on the downside is near the $50,000 level. The
first major support is now forming near the $49,500 level and the
100 hourly SMA. It is near the 50% Fib retracement level of the
upward move from the $47,210 swing low to $51,955 high. A downside
break below the $49,500 support may perhaps increase selling
pressure. The next stop for the bears might be $48,000. Technical
indicators: Hourly MACD – The MACD is slowly gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is currently below the 50 level. Major Support Levels –
$50,000, followed by $49,500. Major Resistance Levels – $51,800,
$52,000 and $53,500.
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