Bitcoin Turns Sell on Rallies Towards $48K, Bears In Action

Bitcoin continued to fall below the $47.500 support zone against US dollars. BTC might recover, however upsides may be limited to $47,000.

  • Bitcoin experienced a sharp decline, falling below $48,500 and $47,000.
  • It is currently trading at $48,000, below the simple 100-hour moving average.
  • On the hourly chart for the BTC/USD pair, there is an important channel that has fallen with resistance close to $47.150 (data feed Kraken).
  • While the pair might correct higher, there may be downsides to it above $48,000.

Bitcoin price continues to decline

Bitcoin prices fell to $48,800 below their peak and began a new decline. BTC moved into bearish territory by trading below $47,500 and $48,500 levels.

Below $47,000, the price fell. The price has been consolidating its losses and is currently at $46,120. Bitcoin trading is below $48,000 as well the 100 hourly simple moving mean. Near the $46,600 level, there is immediate resistance.

The Fib level at 23.6% is the retracement of the drop from $48,123 swing high, to $46,120 low. It is close to the $47,000.

On the hourly chart for the BTC/USD pair, there is a significant declining channel that forms with resistance at $47.150. This trend line is very close to the 50% Fib level, which marks the retracement of the drop from the $48,123 swing high at $46,120 low.

Bitcoin Price

Source: BTCUSD at TradingView.com

An increase could be initiated by a clear move over the $47,000.500 resistance area. Near the $48,500 mark, the next significant resistance could be found by the bears. A further gain could see the price reach the $50,000 threshold.

BTC Losses:

Bitcoin could move lower if it fails to rebound above $47,000. The $46,200 area is the immediate support. Nearly $46,000 is the first major support.

Price could reach the $45,500 level if it breaks below $46,000. A further loss could lead to a price decline below $45,000, which is the threshold at which a greater drop in the future sessions may be possible.

Technical indicators

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.

Major Support Levels – $46,200, followed by $45,500.

Major Resistance Levels – $47,200, $47,500 and $48,500.

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