Bitcoin price failed to break the $ 49,000 resistance against the US dollar. BTC is sliding and could even break the USD 46,500 support zone.

  • Bitcoin is slowly moving down from the $ 49,000 resistance zone.
  • The price is now trading well below $ 48,000 and the 100-hour simple moving average.
  • The hourly chart for the BTC / USD pair (data feed from Kraken) broke below a major bearish channel with support near USD 47,500.
  • The pair could accelerate further down if there is a break below the USD 46,500 support zone.

Bitcoin price break support

Bitcoin price struggled to break the $ 49,000 resistance zone and began falling again. BTC traded below the $ 48,500 and $ 48,000 support levels to move into a short-term bearish zone.

The hourly chart for the BTC / USD pair also broke below a major bearish channel with support near USD 47,500. The pair is now trading well below $ 48,000 and the 100-hour simple moving average. It tested the $ 46,700 zone and is currently consolidating losses.

Immediate resistance is near the $ 47,150 mark. It is near the 23.6% Fib retracement level of the recent decline from the high of $ 48,736 to the low of $ 46,697. On the other hand, the price finds bids near the $ 46,700 mark.

Source: BTCUSD on TradingView.com

The next major support is near the $ 46,500 zone. If there is a bearish break below the USD 46,500 support zone, the price could fall further. The next big support is near the $ 46,200 mark, below which the bears could aim for a test of $ 45,000.

New rise in BTC?

If Bitcoin stays above the USD 46,500 support zone, it could see another spike. Immediate resistance to the upside is near the $ 47,150 mark.

The first major resistance is near the $ 47,750 mark. It is near the 50% Fib retracement level of the recent decline from the high of $ 48,736 to the low of $ 46,697. The main resistance is near the $ 48,250 level and the 100-hour simple moving average. A clear break above $ 48,250 could set the pace for further gains.

Technical indicators:

Hourly MACD – The MACD is picking up pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well below the 50 level.

Major Support Levels – $ 46,500, followed by $ 45,000.

Main Resistance Levels – $ 47,750, $ 48,250, and $ 49,000.

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