Bitcoin Investors Should Watch For These Crucial Levels If BTC Does Not Go Over $ 50,000: Crypto Trader Scott Melker

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Cryptocurrency strategist and trader Scott Melker analyzes how the price of Bitcoin could evolve over the coming days and weeks.

Melker tells his 78,000 YouTube subscribers that Bitcoin (BTC) will likely face strong resistance just above the $ 50,000 level. The cryptocurrency analyst argues that the resistance level coincides with a key Fibonacci indicator number.

“Like I said for a long time, $ 50,493 is 23.6% [Fibonacci] retracement. That’s the whole jump from $ 3,800 to $ 65,000. It’s probably going to be strong resistance, we’re seeing that right now.

Melker says that after rallying for five consecutive weeks, Bitcoin could correct once it meets resistance.

Look, it wouldn’t be weird to get a bit of a retracement after five consecutive weekly candles. We went from less than $ 30,000 to $ 50,000 in just five weeks. “

The crypto analyst and trader also says that Bitcoin could potentially fall to around $ 42,000 if the support level of $ 48,190 fails and especially if the flagship cryptocurrency crashes below the moving average (MA) of 200 days on the daily chart.

“We have reversed this new key level of $ 48,190. You can see that was resistance, the top of this move before the retracement. It’s returned to support, we had to test two days as support, so we’ll see if it holds. It will be interesting. If not, then of course we start talking about the 200 MA, which apparently the whole community was talking about again. And then again that potential drop to $ 42,000, which still hasn’t happened. It would be a very strong signal to see the $ 40,000 to $ 42,000 area tested for support. “

Looking at the four hour chart, Melker says Bitcoin has formed an ascending channel, characterized by higher highs and higher lows.

“So it’s not a bullish flag or a bearish flag, it’s just an ascending channel at the top of a move. Most people would expect this to break down and retrace a bit. But it does. could literally be between $ 47,000 and $ 48,000.

Or an ascending channel may just turn out to be a stairway to heaven. And in bullish moves you kind of keep going up and you see rising wedges and broken ascending channels on the upside quite steadily. “

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