Bitcoin failed to stay above $5,150 and prices began to fall sharply.
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Subsequently, the price fell below the support of $ 5,080 and $ 5,000, entering a short-term bearish trend.
On the hourly price chart, there is a short-term downtrend channel with resistance at $5040.
Bitcoin may fall further towards $4,850, and buyers may appear at this price.
Bitcoin price analysis
Recently, Bitcoin triggered a downside reaction after falling below the support level of $5,350. Bitcoin began to fall sharply after the seller successfully pushed the bitcoin price below the support level of $5,220 and $5,150. This opened the door for further decline and fell below $5,150 and 100 hours SMA. Prices even fell below the $5,000 support level and were close to the $4920 support area.
After a new low of $4,922, prices began to consolidate losses. First, Bitcoin tested the last 50% Fibonacci retracement (from a high of $5,463 to a low of $4,922). On the hourly price chart, there is a short-term downtrend channel with resistance at $5040. Trading pairs may rise above $5040 and $5050, but will be blocked near $5080 and $5100. The main resistance is at $5,150. Above this level, Bitcoin will test the last 50% Fibonacci retracement (from a high of $5,463 to a low of $4,922).
As can be seen from the chart, Bitcoin has performed poorly in the past two trading days and eventually fell below the support level of $5,150. Upside corrections may occur in the short term, but the upside may be clamped around $5,080 and $5,100. Therefore, the price is likely to continue to fall below $4,920. Below this level, buyers should appear when they move to $4,850.
Technical indicator signal
MACD per hour – MACD has seen negative signs in the bearish range
RSI per hour – RSI has recently rebounded from 30, currently close to 40
Main support level – $4,920 and subsequent $4,850
Main resistance levels – $5040, $5,080 and $5,150 above
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.