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BTCUSD Faces the Risk of a Pullback to $50,000
BTCUSD faces the risk of a potential retracement to the $50,000 level. This comes after last week’s impressive rally through key levels. The cryptocurrency successfully navigated beyond the parallel channel and breached the $50,000 resistance, allowing it to approach the $52,000 resistance zone.
BTCUSD Key Levels
Supply Levels: $52,000, $55,000, $60,000
Demand Levels: $45,000, $47,000, $50,000
However, the market has encountered an impasse, struggling to make further headway. For over a week, BTCUSD at $52,000 has faced challenges in extending its upward momentum, resulting in a sideways trading pattern and, more recently, a drooping price. The current situation poses a risk of a fallback to $50,000.
On the daily chart, the MA period 20 (Moving Average) remains positioned below the daily candlesticks. In the event of a potential pullback, a strong confluence of the MA period 20, the $50,000 level, and the upper border of the parallel channel may support a resurgence. The daily RSI (Relative Strength Index) indicator has dipped below the overbought zone in response to the pullback.
Examining the 4-hour timeframe, the price fluctuates around the MA period 20, mostly trading below it, suggesting an imminent drop to lower price levels. The RSI on this 4-hour chart has gradually declined from an overbought position, ultimately plunging below the 50 mark. Crypto signals are pointing towards the likelihood of an impending retracement in the market.
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