Bitcoin (BTC) (US dollar)

The TrainFactory price analysis is based on the chart below at the time of the study. The TrainFactory team prepares the daily research. Barry Norman is the lead financial analyst, along with John Roman. The team uses support and resistance levels, trendlines, 20 periods EMA and MACD to determine.  

Bitcoin (BTC) (US dollar) 

The TrainFactory outlook and analysis are based on the chart below. 

At this writing, Bitcoin (BTC/USD) is trading at 50974.25. The cryptocurrency market is still in red, but recoveries have begun following the massive breakdown on Monday and Tuesday. Bitcoin dropped from all-time highs around $58,000 to support at $44,860 in less than 48 hours. The flagship cryptocurrency has bounced off the support, shooting above the coveted $50,000Bitcoin may not continue with the uptrend to $60,000 because it is not out of the woods yet. It is worth noting that if support at $50,000 or the 100 SMA is lost, BTC will reengage reverse gears, resulting in losses back to $44,860. 

There were heavy losses in bitcoin below the $52,000 and $50,000 support levels. BTC even tested the $45,000 support zone, and it settled well below the 100 hourly simple moving average. 

A low is formed near $44,960, and the price is currently recovering losses. It corrected above the $46,500 and $48,000 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $58,400 swing high to $44,960 low. 

Bitcoin is now testing the $50,000 resistance, but it is still well below the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $51,200 on the BTC/USD pair’s hourly chart. The first significant resistance is now starting near the $51,800 level. 

Oscillators & Indicators 

Relative Strength Index (14) 36.82 Neutral 

Stochastic %K (14, 3, 3) 30.32 Neutral 

Average Directional Index (14) 61.26 Neutral 

Momentum (10) Sell 

MACD Level (12, 26) Buy