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Bitcoin price could drop to USD 52,000!



The Bitcoin price resolves its bearish divergence after it has been in the room for weeks. How low will the Bitcoin price fall now?


Bitcoin price encounters support at the 50-day EMA at around USD 59,000

Now the time has finally come: the bearish divergence in the RSI is dissolving and the Bitcoin price initiates a correction. The downward trend, which has been quite mild to date, only recorded a price loss of around 15%. Bitcoin is currently already finding support at around USD 59,000 on the 50-day EMA. However, the BTC price could very well break through this support to fall to the golden ratio support at around USD 52,000. Bitcoin could bounce off very strongly there in order to resume its upward trend.


Overall, however, it currently definitely looks as if the downward trend is not yet over. There was a bearish crossover in the MACD and the histogram is ticking bearishly downwards. The EMAs, on the other hand, are still bullishly crossed.


Theoretically, Bitcoin could fall to USD 30,000, because the massive bearish divergence in the RSI had not only occurred in the daily rate, but also in the weekly and monthly rates. Before that, Bitcoin still finds massive support at USD 43,000, because the 50-week EMA also runs through this important Fibonacci level. Should Bitcoin return to this price level, this corresponds to a price loss of around 40% from the all-time high of 69,000 USD.

If Bitcoin does not close below 43,000 USD, the Bitcoin price trend remains strongly bullish. Even a correction of around 40% to around USD 43,000 does not rule out a bullish subsequent course. At around USD 52,000 or USD 43,000, Bitcoin has the chance to bounce massively upwards. On the other hand, should Bitcoin fall below USD 43,000 and close below that in the weekly rate, Bitcoin could actually return to the next support at around USD 30,000. Bitcoin should bounce off very strongly there at the latest . If this support also breaks, Bitcoin will find it at around $ 20,000 historical support, adding to the 50-month EMA.


Bitcoin dominance bounces off support

The Bitcoin dominance returned to support between 39-41%, what BTC been bounced strongly. At around 50%, Bitcoin dominance encounters the next significant resistance. Otherwise, RSI and MACD are rather bullish, which indicates that the correction for Altcoins will be stronger overall than for Bitcoin .

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