Bitcoin Rejected above $50K, Would It Try Again?
Bitcoin tested the $50,500 resistance level but failed yesterday, Aug. 23rd(UTC), the highest price was $50,499. And it started a downside correction today. As of writing, BTC is trading around $49,100 and slightly touched the 100 hourly simple moving average.
It can be seen in the one-hourly chart, the $50,000 level becomes the first resistance if Bitcoin wants to keep its upturn. However, If it breaks below the 100 hourly simple moving average, the price could move down and bring another downside. Then the immediate support shall be near $48,500.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is now approaching the 40-level.
Major Support Levels – $48,000, followed by $47,500.
Major Resistance Levels – $49,500, $50,000 and $50,500.
It can be seen in the one-hourly chart, the $50,000 level becomes the first resistance if Bitcoin wants to keep its upturn. However, If it breaks below the 100 hourly simple moving average, the price could move down and bring another downside. Then the immediate support shall be near $48,500.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is now approaching the 40-level.
Major Support Levels – $48,000, followed by $47,500.
Major Resistance Levels – $49,500, $50,000 and $50,500.
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