TA: Bitcoin Resumes Decline, Indicators Suggest Limited Upside
Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term.
Bitcoin started a fresh decline below the $50,000 and $49,500 support levels. The price is trading below $49,000 and the 100 hourly simple moving average. There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $49,200 in the near term. Bitcoin Price Gains Bearish Momentum
Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone.
Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level.
A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level.
The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800.
Source: BTCUSD on TradingView.com
Besides, the 50% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is near the $49,700 zone to act as a resistance. A clear move above the $49,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,200 level.
More Losses In BTC?
If bitcoin fails to recover above $49,200, it could continue to move down. An immediate support is near the $47,500 zone. The first major support is near $47,200.
A downside break below the $47,200 level could push the price towards the $46,500 support. Any more losses may possibly lead the price towards the $45,500 support zone.
Technical indicators:
Hourly MACD — The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) — The RSI for BTC/USD is well below the 40 level.
Major Support Levels — $47,200, followed by $46,500.
Major Resistance Levels — $48,200, $48,800 and $49,800.
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