Bitcoin Price Analysis: BTC Finds Support at 50-Day MA But Will It Hold?

Bitcoin continues to recover from the tumble it suffered during the weekend. As of now, the BTC price is up by 3% today, following the 14% devastating crash seen on Sunday.

Yesterday, Bitcoin slipped from the $60k price area as it dropped to reach as low as $51,440. There, it found support at the .618 Fib Retracement level and managed to rebound, trading between $54k – $55k during most of the day.

By the end of the day, Bitcoin managed to recover to $56,280, where it found support at a 50-days MA level. This was further bolstered by an ascending trend line that dates back to the beginning of March.

Today, Bitcoin has battled to remain above the 50-days MA but looks to be struggling to hold the support, even at the time of this writing.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $55,400, $54,000, $51,440, $50,000, $49,385.

Key Resistance Levels: $56,280, $58,355, $59,200, $60,000.

Looking ahead, if the sellers push beneath the 50-days MA the first support lies at $55,400 (early April support). This is followed by $54,000 (.5 Fib), $51,440 (.618 Fib), and $50,000. Beneath $50,000, added support lies at $49,385 (downside 1.414 Fib Extension), and $47,000 (long term .5 Fib).

On the other side, the first resistance lies at the 50-days MA at $56,280. This is followed by $58,3555 (Feb Highs), $59,200 – the 20-day moving average line, and $60,000.

The daily RSI is now beneath the midline and is at its lowest value in April, indicating that the bears are in complete control of the short-term momentum.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

editorial staff

Leave a Reply

Your email address will not be published. Required fields are marked *