Bitcoin Price Technical Analysis - $50k Support Is Gaining Support.

Bitcoin Price Technical Analysis - $50k Support Is Gaining Support.

2021-12-19 | Daniel Smith

Bitcoin Price Technical Analysis - $50k Support Is Gaining Support.

Bitcoin (BTC/USD) attempted to regain significant missed territory early in the Asian session, after the pair fell to the 46734.49 level throughout the European session after Stops were placed underneath the 46931.57 level, marking the 23.6 percent absorption of the declining trend from 50828.13 to 45727.92. Throughout the drop, stops were also chosen underneath the 47613.96 and 47168.85 levels, which reflect the 50 percent and 61.8 percent retracements of the gaining range from 45727.92 to 49500. After rebounding from a drop of 45727.92 earlier this week, BTC/USD reached a high above 49500. In recent weeks, Bitcoin selling pressure commenced around the 59114.84 level, and multiple Stops were placed below lower price targets, including the 56533, 56080, 55735, 54295, 54114, 53748, 53600, 53046, 52351, 51322, 51171, 50185, 49361, 47400, 47426, 44974, as well as 44667 levels. Considering the pair's recent volatility, potential rising retracement levels and technical resistance zones include 52706.65, 55157.38, and 55526.67. Traders can observe that the 50-bar MA (4-hourly) is projecting a bearish movement slightly below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly) (4-hourly). Meanwhile, the 50-bar MA (hourly) is signaling bearishly beneath the 200-bar MA (hourly) and bullishly slightly over the 100-bar MA (hourly). BTC

BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM

The Bitcoin 50-bar MA (4-hourly) is at 48342.19, while the 100-bar MA (Hourly) is at 47856.37. Stops are anticipated at approximately 42151.91/ 38670.39/ 35734.12, with technical support, anticipated at approximately 42151.91/ 38670.39/ 35734.12. Bitcoin Technical resistance is likely to be located approximately 52706.65/ 55157.38/ 55526.67, with limits anticipated to be placed higher. SlowK is bearishly under SlowD on the 4-hour chart, whereas MACD is bearishly under MACDAverage. SlowK is bullishly over SlowD on the 60-minute chart, whereas MACD is bearishly under MACDAverage.

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