The price of bitcoin does not stay above $ 50,000 and is set lower than the US dollar. BTC could fall right on support of $ 48,250 in the short term.
Bitcoin tested a resistance level of $ 50,500 for a lower correction.
The price is currently trading at $ 49,000 and near the 100-hour simple moving average.
On the hourly chart of the BTC / USD pair, there was a break below the line of a large upward trend, with support close to $ 49,500 (data flow from the Kraken).
The pair could fall to $ 48,250 in the near term, or even as low as $ 47,300.
Bitcoin Price Adjusted Lower
The price of Bitcoin was trading above the resistance of $ 50,000, but no continued growth occurred. BTC tested the resistance level of $ 50,500 and recently launched a downward correction.
It was a break below the $ 50,000 and $ 49,800 levels. The Bears pushed the price below the 50% Fibonacci correction level, rising from a fluctuating low of $ 48,098 to a high of $ 50,506. In addition, there was a break below the main bullish Trend line with support of close to $ 49,500 on the hourly chart of the BTC/USD pair.
Bitcoin is currently trading at $ 49,000 and near the 100-hour simple moving average. The Fibonacci correction level of 61.8% with an upward movement from a drop of $ 48,098 to a high of $ 50,506 to act as support.
Source: BTCUSD on TradingView.com
If there is a drop below the 100-hour simple moving average, the price may continue to fall. Emergency support is about $ 48,500. The next big boost is near the $ 48,250 level. Even bigger losses could open the doors to moving into the $ 47,300 support area in the short term.
A new increase in BTC?
If Bitcoin stays above the support area of $ 48,250, it could start with a new rise. On the plus side, sudden resistance is near the $ 49,500 level.
The initial key resistance is near the $ 50,000 level where the Bulls can aim to retest at $ 50,500. Any October earnings could accelerate growth above $ 51,000. The next big stop for the Bulls could be near the $ 52,000 mark.
