Similar to the question at MYSQL: Find Start and End Timestamp of a consecutive count, I have a table with similar data:
StatusTime | Reading 2014-01-01 0
If it only goes below/above again once per day, you can make the query quite simple; just find the min and max time where it's below, grouping by date.
SELECT
DATE(statustime) statusdate,
MIN(CASE WHEN reading<50 THEN statustime ELSE NULL END) start_time,
MAX(CASE WHEN reading<50 THEN statustime ELSE NULL END) end_time
FROM myTable
GROUP BY statusdate
An SQLfiddle to test with.