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If Bitcoin fails to rise above the $52,800 resistance zone, it could start another downside correction in the near term.
Immediate support on the downside is near the $51,500 level and the trend line.
The first major support is $50,550 and the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $48,500
support zone.
Technical indicators:
Technically Indicators are showing as
Hourly MACD - The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.Major Support Levels - $51,500, followed by $50,500.
Major Resistance Levels - $52,500, $52,800, and $54,000.
