Bitcoin price failed to settle above $48,500 and corrected lower against the US Dollar. BTC is now facing many hurdles near $47,500 and $48,000.
Bitcoin extended its decline and tested the $46,500 support zone.
The price is now trading below $48,500 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $48,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline unless it clears the $48,500 level and the 100 hourly SMA.
Bitcoin Price Slides Again
Bitcoin price made an attempt to surpass the $49,000 resistance zone. However, BTC failed to gain strength above the $49,200 level. A high was formed near $49,335 before the price started a fresh decline.
There was a sharp decline below the $48,500 support level and the 100 hourly simple moving average. The price even broke the $47,500 and $47,000 levels. It tested the $46,500 support and a low is formed near the $46,493.
It is now consolidating losses above the $46,500 level. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. It is now facing resistance near the $47,500 level.
The first major resistance is near the $48,000 level. It is close to the 50% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. There is also a connecting bearish trend line forming with resistance near $48,550 on the hourly chart of the BTC/USD pair. To start a strong increase, the price must clear the $48,500 resistance and the 100 hourly SMA.
More Losss in BTC?
If bitcoin fails to climb above the $48,500 resistance, it could start a fresh increase. On the downside, an immediate support is near the $46,800 level.
The first key support is near the $46,500 level. If there is a downside break below the $46,500 support, the price could continue to move down. The next major support is near the $46,200 level. Any more losses could open the doors for a move towards the $45,000 support zone.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Major Support Levels – $46,500, followed by $46,200.
Major Resistance Levels – $47,900, $48,000 and $48,500.
