Bitcoin Analysis Thursday, March 25
Yesterday, Bitcoin was able to reach levels above $ 55,500 and $ 56,000 with the start of a proper recovery process. BTC even crossed the $ 57,000 resistance and the simple moving average of 100 (hourly).
However, the currency failed to continue its uptrend further, and as a result, resumed its downward trend after forming a price ceiling at $ 57,235. In the hourly chart of the BTC / USD pair, a price break is seen below a major uptrend line with support near $ 54,220.
The price of Bitcoin fell even below the support level of $ 54,000 and the pivot level of $ 53,200. Following this downward trend, the weekly price floor formed around the level of $ 51634 and bitcoin entered the consolidation phase. The first resistance is near the level of $ 53,000, which is near the correction level of 23.6% Fibonacci, the downward trend of $ 57,235 to $ 51634.
The first major resistance to this market cryptocurrency is near the $ 53,200 pivot level. If we see the price rise again above the $ 53,200 level, the probability of reaching the $ 54500 level increases. The 50% Fibonacci retracement level is down from $ 57,235 to $ 51634 and close to $ 54500.
If the bitcoin correction trend does not lead to levels above $ 53,200 and $ 545,500, in the short term it is more likely to continue its downward trend. In this case, the first support will be close to the level of $ 51,500.
The first major support is now close to the $ 51,000 level, below which the $ 50,000 support area is likely to be touched. Any further price cuts could lead to a move to the $ 48,000 level.
The hourly MACD for the BTC / USD pair is slowly accelerating in the downtrend.
The hourly RSI for the BTC / USD pair is now below the 40 level.
Main support: $ 51,000 and $ 50,000
Main resistances: 53200, 54500 and 55000 dollars