The Terrible Dump: Bitcoin Price Sheds 12K Dollars! "These Levels Are Next"
After Elon Musk's tweet, the bitcoin price dropped over $ 10,000 against the US dollar. According to the famous analyst Aayush Jindal, who made successful predictions, the Bitcoin price is currently correcting losses, but previous support close to $ 52,000 could pose a hurdle.
The bitcoin price started to drop well above $ 55,000 and even traded close to $ 45,000.
The price is currently trading well below $ 55,000 and the 100 hourly simple moving average.
There was a break below a key bullish channel with support near $ 57,000 on the hourly chart of the BTC / USD pair (data feed from Kraken).
The pair corrects losses, but bulls could fight around $ 52,000 and $ 53,000, according to the analyst.
Analyst: Previous support near $ 52,000 for Bitcoin could pose a hurdle
BTC's decline accelerated after Elon Musk's tweet about Bitcoin mining and refusing to accept crypto as payment. It started a strong bearish movement below the $ 52,000 and $ 50,000 support levels. There was a break below a key rising channel with support near $ 57,000 on the hourly chart of the BTC / USD pair.
The pair even dropped to the $ 45,000 level on Kraken. It is currently trading well below $ 55,000 and the 100 hourly simple moving average. A low around $ 45,000 has formed and the price is now rising. BTC broke the $ 47,000 and $ 48,500 resistance levels. There was also a break above the 23.6% Fib retracement level of the drop from $ 58,000 to $ 45,000.
Analyst: Watch, Bitcoin price could slide to these levels now!
On the upside, a sudden resistance is near the $ 51,500 level, according to the analyst. This level is near the 50% Fib retracement level of the drop from $ 58,000 to $ 45,000. The main resistance is currently forming near the $ 53,000 zone (previous support), according to the analyst. To start a reasonable increase, a close of $ 52,000 and over $ 53,000 is required, according to the analyst.
Hot Development: Sudden Crash in Bitcoin, Ripple, Ethereum and Dogecoin!
If bitcoin price fails to clear the $ 52,000 resistance or $ 53,000, it could initiate a new decline, according to the analyst. The first downside support is near the $ 48,500 level, according to the analyst. A downside break below the $ 48,500 support zone could restart the decline, according to the analyst. The next major support is near the $ 47,400 level, according to the analyst. More losses could require a new test of the $ 45,000 support zone in the near term, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC / USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently recovering from the oversold zone.
Major Support Levels: $ 48,500 followed by $ 47,400.
Major Resistance Levels: $ 51,500, $ 52,000 and $ 53,000.