Bitcoin Turns Lower, Why Bulls Could Struggle In Near Term!
Bitcoin started a fresh decline from the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline below the $46,000 support zone.
Bitcoin started a fresh decline after it failed to clear the $48,000 resistance level.The price is trading below $47,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a major decline if there is a clear move below $46,000.
Bitcoin price failed to climb above $48,000 and started another decline. BTC traded below the $47,500 and $47,200 levels to move further into a bearish zone.
The price even moved below the $46,500 level and the 100 hourly simple moving average. A low was formed near $45,707 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low.
Bitcoin price is now trading below $47,000 and the 100 hourly simple moving average. The first major resistance on the upside is near the $46,850 level. It is near the 50% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low. Besides, there is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair.
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