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Bitcoin price failed to stay above $50,000 and corrected lower against the US Dollar. BTC could correct lower towards the $48,250 support in the near term.

  • Bitcoin tested the $50,500 resistance level before correcting lower.
  • The price is now trading near $49,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower towards $48,250 or even $47,300 in the near term.

Bitcoin Price Corrects Lower

Bitcoin price traded above the $50,000 resistance, but there was no upside continuation. BTC tested the $50,500 resistance level and recently started a downside correction.

There was a break below the $50,000 and $49,800 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high. There was also a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading near $49,000 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high seems to be acting as a support.

Source: BTCUSD on TradingView.com

If there is a downside break below the 100 hourly simple moving average, the price could continue to move down. An immediate support is near the $48,500. The next major support is near the $48,250 level. Any more losses could open the doors for a move towards the $47,300 support zone in the near term.

Fresh Increase in BTC?

If bitcoin stays above the $48,250 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $49,500 level.

The first key resistance is near the $50,000 level, above which the bulls might aim a retest of $50,500. Any more gains could set the pace for a larger increase above $51,000. The next major stop for the bulls may possibly be near the $52,000 level in the coming days.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bearish zone.

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

Major Support Levels – $48,250, followed by $47,300.

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

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. CryptosOnline.com 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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