Credit: Original article published by Coingape.

  • Bitcoin is facing increasing resistance under the 50 SMA on the 4-hour chart.
  • Technical levels are flipping bearish as Bitcoin fights to sustain the position above $52,000.
  • BTC/USD will resume the uptrend toward $60,000 if the ascending channel’s middle support is reclaimed.

Bitcoin is holding slightly above $52,000 on Tuesday towards the end of the Asian session. The flagship cryptocurrency dipped under $50,000 on Monday and retested support around $46,000. The rejection from the all-time high of $58,400 on Coinbase cut short the mission to hit levels above $60,000.

At the time of writing, BTC is trading below the ascending parallel trendline midline support. The upside is also limited under the 50 Simple Moving Average on the 4-hour chart. If bulls fail to claim this level as support, Bitcoin’s short-term technical picture will continue to worsen.

Meanwhile, the Moving Average Convergence Divergence (MACD) falls towards the mean line, which is a bearish signal. Besides, the gap made by the MACD line (blue) under the signal line suggests that Bitcoin’s least resistance path is downwards.

On the downside, support at $52,000 might not be healthy but is expected to hold if bulls are to place the bellwether cryptocurrency back on the trajectory toward $60,000. However, if it fails to maintain, the 100 SMA on the 4-hour chart is in line to provide support at $49,000.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Consequently, the ascending parallel channel’s middle boundary will protect Bitcoin from diving under the recently confirmed support at $46,000. If push comes to shove, $44,000 and $40,000 are in place to keep BTC afloat.

Recovery to $60,000 will come into the picture soon if Bitcoin closes the day above the 50 SMA and the channel’s middle level. A break above $60,000 will serve as confirmation that Bitcoin will continue to close in on $100,000.

Bitcoin intraday levels

Spot rate: $51,874

Relative change: -2,164

Percentage change: -4%

Trend: Bearish

Volatility: Growing

The post Bitcoin Price Prediction: BTC correction far from over amid weakening technical levels appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



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