Bitcoin Price Analysis: BTC looks set for further downside towards $52,300 support

  • BTC/USD bounces off one-week low after extending downside break of one-month-old support line.
  • MACD flashes most bearish signals in two weeks.
  • 50-day SMA adds to the support, February top can probe buyers beyond previous support.

Bitcoin bears catch a breather around $54,850 following a heavy downfall to $53,756 on late Monday. In doing so, the crypto major portrays a corrective pullback after declining to the lowest in one week on the key support line breakdown.

Even if the BTC/USD manages to bounce towards the $55,000 resistance, the sellers remain hopeful unless the quote reverses the latest trend line break. Also suggesting further downside could be the most bearish MACD since March 06.

Hence, bitcoin bears can aim for an ascending support line from January 27, currently around $52,300, despite the latest recovery moves. Though, any further weakness will be challenged by the $50,000 threshold and 50-day SMA level of $49,970.

Meanwhile, recovery moves beyond the $55,000 immediate resistance need to cross the previous support line, at $57,300, to challenge the February high of $57,567.

Also likely to test the BTC/USD bulls is $58,980 and the $60,000 round-figure, a break of which will post a serious challenge to the record top of $61,774.

BTC/USD daily chart

Trend: Further weakness expected

Additional important levels

Today last price 54623.71
Today Daily Change -2746.68
Today Daily Change % -4.79%
Today daily open 57370.39
Daily SMA20 54847.9
Daily SMA50 49538.39
Daily SMA100 39959.09
Daily SMA200 26839.72
Previous Daily High 58643.46
Previous Daily Low 55540.66
Previous Weekly High 61675.77
Previous Weekly Low 53233.56
Previous Monthly High 58355.76
Previous Monthly Low 32336.85
Daily Fibonacci 38.2% 56725.93
Daily Fibonacci 61.8% 57458.19
Daily Pivot Point S1 55726.21
Daily Pivot Point S2 54082.03
Daily Pivot Point S3 52623.41
Daily Pivot Point R1 58829.01
Daily Pivot Point R2 60287.64
Daily Pivot Point R3 61931.81



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