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TA: Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

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Bitcoin failed to clear the $48,500 resistance zone against the US Dollar. BTC is sliding, but it could find bids near the $45,500 support zone.
Bitcoin is facing a strong resistance near the $48,000 and $48,500 levels.

The price is now trading below $48,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $47,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline heavily if there is a clear break below the $45,500 support zone.
Bitcoin price started a recovery wave above the $46,500 resistance zone. BTC surpassed the $48,000 level, but it failed to gain strength above the $48,200 level.

A high was formed near $48,289 and the price is now correcting lower. It traded below the 50% Fib retracement level of the upward move from the $45,520 swing low to $48,289 high. Bitcoin price is now trading below $48,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,200 level and the 100 hourly SMA. There is also a major bearish trend line forming with resistance near $47,200 on the hourly chart of the BTC/USD pair.
The next key resistance could be $47,500, above which the price might rise towards the $48,500 resistance. To continue higher, the price must gain strength for a move above the $48,500 level in the near term.

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