{"id":248628,"date":"2021-05-13T13:53:59","date_gmt":"2021-05-13T10:53:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next\/"},"modified":"2021-05-13T13:53:59","modified_gmt":"2021-05-13T10:53:59","slug":"bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next\/","title":{"rendered":"# Bitcoin price fails to build $50K support as traders eye lower levels next"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23fa0b0ba46\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23fa0b0ba46\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next\/#Traders_wait_for_telltale_buy_signals\" >Traders wait for telltale buy signals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next\/#Bitcoin_bears_battle_essential_moving_average\" >Bitcoin bears battle essential moving average<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price fails to build $50K support as traders eye lower levels next <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) dipped below $50,000 again on Thursday as the fallout from Elon Musk\u2019s criticism continued to resonate.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/4367731e-2121-4847-af11-2d3b57332be7.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Traders_wait_for_telltale_buy_signals\"><\/span>Traders wait for telltale buy signals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>\u00a0confirmed BTC\/USD failing to establish $50,000 as support after initially dipping to $45,650.<\/p>\n<p>Musk, speaking as CEO of Tesla, had claimed that environmental concerns meant that the company would no longer accept BTC payments.\u00a0<\/p>\n<p>After a three-hour slow crash, BTC\/USD then rebounded to near $52,000 before losing steam once more. At the time of writing, the pair traded at around $49,500 amid heavy volatility.\u00a0<\/p>\n<p>As Cointelegraph reported earlier, however, Bitcoin price trends beyond the short term remained unchanged by Musk and traders\u2019 responses to him.\u00a0<\/p>\n<p>For popular trader Scott Melker, it was thus time to use an established method for determining when the price floor was likely to hit.<\/p>\n<p>For this, he used the relative stength index (RSI), a classic indicator of overbought or oversold areas.<\/p>\n<p>\u201cI post this every time 4 hour RSI goes oversold and it works more times than not. An overbought bear div was the top,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1392777947988234242\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers. <\/p>\n<blockquote><p>\u201cNow I want to see a lower low in price and a higher low on RSI. Could be this candle or take days, but it\u2019s the signal I want.\u201d<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1392777947988234242\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>Thursday had already seen Bitcoin cancel its downtrend when it encountered the 21-week exponential moving average (21EMA). This line in the sand had held throughout the past year\u2019s bull market and that of 2017 and is thought to provide reliable support for periods where bullish momentum sees a short-term retracement.<\/p>\n<p>The 21EMA was still rising steeply this month, demanding that BTC\/USD thus returns to setting higher highs and higher lows on weekly timeframes in order to preserve its usefuless.<\/p>\n<p>Previously, a warning had given $40,000 as a potential low should $50,000 fail to hold.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_bears_battle_essential_moving_average\"><\/span>Bitcoin bears battle essential moving average<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, as investors rushed to \u201cbuy the dip,\u201d attention turned to where large clusters of bids from whale buyers might also help buoy the price.<\/p>\n<p>Bitcoin had paid no attention to whale positions north of $50,000 despite plenty of buying occurring as high as $58,000.\u00a0<\/p>\n<p>For monitoring resource Whalemap, however, the number of coins being transacted at a loss suggested that \u201cpanic\u201d was already visible on the market even before the Musk episode.<\/p>\n<p>\u201cThese moments have historically been good buying opportunities as they indicate panic on the market,\u201d part of a tweet on Tuesday <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1392098553036673029\">explained<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/97fca97f-bde3-4d8d-abaa-011e6a809198.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD buy and sell position strength (Binance). Source: Material Indicators<\/em><\/figcaption><\/figure>\n<p>A look at buy and sell order configurations on Binance additionally showed retail investors now protecting $45,000, with $55,000 and upward becoming strong resistance.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-fails-to-build-50k-support-as-traders-eye-lower-levels-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price fails to build $50K support as traders eye lower levels next &#8221; Bitcoin (BTC) dipped below $50,000 again on Thursday as the fallout from Elon Musk\u2019s criticism continued to resonate. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Traders wait for telltale buy signals Data from Cointelegraph Markets Pro and TradingView\u00a0confirmed BTC\/USD failing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":248629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvYmM3MmY1NmMtYjI1ZS00NDA0LWFhYTctMjgzOWQ0ZWQ4ZThiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-248628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/248628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=248628"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/248628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/248629"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=248628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=248628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=248628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}