Downside Break In BTC?
If Bitcoin fails to rise above the $51,800 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level and the channel trend line.
The first major support is $50,550. If there is a close below $50,550, the price could start a decent pullback. In the stated case, the price could decline toward the $49,500 support zone, below which the price might even test $49,200.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $51,100, followed by $50,550.
Major Resistance Levels – $51,800, $52,000, and $52,500.
