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Bitcoin failed to settle above the 200 EMA close to the $ 51,332 level. It fell back below the psychologically important level of $50,000. This move had a negative impact on the mood of the cryptocurrency market. All altcoins are under downward pressure.
This is a huge disappointment for the bulls, who were expecting that bitcoin could gain strong bullish momentum after it managed to break above the 200 EMA for a few hours.
On the 4-hour chart, BTC broke the downtrend channel that was formed on November 7. It is now trading above this level. The current correction could be considered a pullback.
If bitcoin fixes below the 200 EMA and the 21 SMA, it will move towards the next support level of $48,000. A move below this level will push bitcoin to the support level of $45,000. If bitcoin remains below the psychological level of 50,000 (0/8), it will continue its retracement, heading to the support level of $45,000. Since the beginning of December, this level has offered good support.
On the upside, bitcoin needs to consolidate above $51,500 to have a chance to develop bullish momentum in the short term. The next resistance level is at 1/8 Murray around $56,250. A successful test of this level and a breakout will push bitcoin to the strong resistance level of 2/8 Murray, located at $62,500.
Since December 9, the eagle indicator has been oscillating above an uptrend channel showing that the market volume is increasing. A correction for a new bullish wave may occur. If so, BTC could reach the psychological level of $60,000.
Our trading plan is to sell below the 200 EMA around 51,300 with the target levels at 45,000. Open long positions if BTC bounces off around the downtrend channel support at 45,000 with the target levels at 51,300 and 56,250.
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