Downside Break In BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level and the channel trend line.

The first major support is $50,550. If there is a close below $50,550, the price could start a decent pullback. In the stated case, the price could decline toward the $49,500 support zone, below which the price might even test $49,200.

Technical indicators:

Hourly MACD – The MACD is now 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 – $51,100, followed by $50,550.

Major Resistance Levels – $51,800, $52,000, and $52,500.

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