Bitcoin price failed to stay above $50,000 and corrected lower against the US Dollar. BTC could correct lower towards the $48,250 support in the near term.
- Bitcoin tested the $50,500 resistance level before correcting lower.
- The price is now trading near $49,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards $48,250 or even $47,300 in the near term.
Bitcoin Price Corrects Lower
Bitcoin price traded above the $50,000 resistance, but there was no upside continuation. BTC tested the $50,500 resistance level and recently started a downside correction.
There was a break below the $50,000 and $49,800 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high. There was also a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair.Bitcoin is now trading near $49,000 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high seems to be acting as a support.
Source:If there is a downside break below the 100 hourly simple moving average, the price could continue to move down. An immediate support is near the $48,500. The next major support is near the $48,250 level. Any more losses could open the doors for a move towards the $47,300 support zone in the near term.
