Bitcoin Fails Again, Why BTC Remains In Threat Of A Bigger Decline

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The price of Bitcoin did not break through the resistance of $ 49,000 against the US dollar. BTC is slipping and could even exceed the support area of ​​$ 46,500.

Bitcoin is slowly descending from the resistance zone of $ 49,000. The price is now trading well below $ 48,000 and the 100 hour simple moving average. There was a break below a key bearish channel with support near $ 47,500 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could accelerate even lower if there is a break below the $ 46,500 support area. Support for Bitcoin price breaks

The price of Bitcoin struggled to break through the resistance zone of $ 49,000 and began a further decline. BTC traded below the support levels of $ 48,500 and $ 48,000 to enter a near-term bearish zone.

There was also a break below a key bearish channel with support near $ 47,500 on the hourly chart for the BTC / USD pair. The pair is now trading well below $ 48,000 and the 100 hour simple moving average. He has tested the $ 46,700 area and is now consolidating his losses.

Immediate resistance is near the $ 47,150 level. It is close to the 23.6% Fib retracement level of the recent decline, going from a high of $ 48,736 to a low of $ 46,697. On the downside, the price finds bids near the $ 46,700 level.

Source: BTCUSD on TradingView.com

The next key support is near the $ 46,500 area. If there is a downside breakout below the $ 46,500 support area, the price may continue to move lower. The next major support is near the $ 46,200 level, below which bears could even aim for a test of $ 45,000.

New increase in BTC?

If bitcoin stays above the $ 46,500 support zone, it could start a further rise. Immediate upside resistance is near the $ 47,150 level.

The first major resistance is near the $ 47,750 level. It is near the 50% Fib retracement level of the recent decline, going from the swing high of $ 48,736 to the low of $ 46,697. Major resistance is near the $ 48,250 level and the 100 hour simple moving average. A clear break above the $ 48,250 level could set the stage for further gains.

Technical indicators:

Hourly MACD The MACD accelerates in a bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC / USD is well below the 50 level.

Major support levels $ 46,500, followed by $ 45,000.

Major resistance levels $ 47,750, $ 48,250 and $ 49,000.

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