Bitcoin price continued its decline and tested the $45,000 reinforcement against the US Dollar. According to famous analyst Aayush Jindal, who has made successful predictions, bitcoin price is currently paring its losses, but it is possible that the $52,000 region can act as a strong resistance.
- Bitcoin price fell below $50K and even tested the $45K strengthening zone.
- Price recovers up to $50,000 and is well below the 100 hourly moving average. There is a key bearish trend line forming with resistance near $51,200 on the hourly chart of the BTC/USD pair
- (data feed by Kraken).
- According to the analyst, the previous reinforcement around $51,800 and $52,000 could act as a strong hurdle.
Where Does Bitcoin Price Go From Here? Analyst: More downmoves
Bitcoin price extended losses and slipped below the $52K and $50K levels. Bitcoin price even tested the $45,000 reinforcement zone and settled well below the 100 hourly easy moving average. A low was formed near $44,960 and the price is currently paring losses. BTC corrected above the $46,500 and $48,000 resistance levels. There was a break above the 23.6% Fib retracement level of the truth down move from the $58,400 high to the $44,960 high
. Currently, bitcoin price is testing the $50,000 resistance, but it is still well below the 100 hourly easy moving average. Also, there is a key bearish trend line forming with resistance near $51,200 on the hourly chart of the BTC/USD pair. The first major resistance is currently forming near the $51,800 level.
Here are the levels bitcoin price may see in the next few sessions
The 50% Fib retracement level of the downside is close according to the analyst $51,800. A close above the $51,800 and $52,000 resistance levels is imperative for a short term bounce back towards $55,000. If bitcoin price does not continue higher above the trendline resistance and $51,800, another drop is possible.
The first reinforcement on the downside is near $48,000, according to the analyst. According to the analyst, the main reinforcement is currently forming near the $45,000 region. If there is a clear break below the $45,000 support, the price could drop by 8% to 10% in the short term. The next big pillar is near the $40,000 mark, according to the analyst.
Bitcoin price latest view with technical indicators
Hourly MACD: The MACD for BTC/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
Base Boost Levels: $48,000 followed by $45,000.
Major resistance levels: $51,800, $52,000 and $55,000.