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.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,311.77
ethereum
Ethereum (ETH) $ 3,172.89
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.11
solana
Solana (SOL) $ 154.29
usd-coin
USDC (USDC) $ 0.999273
xrp
XRP (XRP) $ 0.550698
staked-ether
Lido Staked Ether (STETH) $ 3,171.82
dogecoin
Dogecoin (DOGE) $ 0.158103
the-open-network
Toncoin (TON) $ 5.56
cardano
Cardano (ADA) $ 0.510768
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.58
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,347.78
bitcoin-cash
Bitcoin Cash (BCH) $ 510.28
polkadot
Polkadot (DOT) $ 7.39
tron
TRON (TRX) $ 0.112251
chainlink
Chainlink (LINK) $ 15.37
near
NEAR Protocol (NEAR) $ 6.90
internet-computer
Internet Computer (ICP) $ 14.78
matic-network
Polygon (MATIC) $ 0.730537
litecoin
Litecoin (LTC) $ 84.62
uniswap
Uniswap (UNI) $ 8.11
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 1.00
blockstack
Stacks (STX) $ 3.06
aptos
Aptos (APT) $ 9.89
ethereum-classic
Ethereum Classic (ETC) $ 27.96
mantle
Mantle (MNT) $ 1.20
first-digital-usd
First Digital USD (FDUSD) $ 0.998514
filecoin
Filecoin (FIL) $ 6.51
render-token
Render (RNDR) $ 9.13
immutable-x
Immutable (IMX) $ 2.40
crypto-com-chain
Cronos (CRO) $ 0.130507
cosmos
Cosmos Hub (ATOM) $ 8.82
bittensor
Bittensor (TAO) $ 510.59
stellar
Stellar (XLM) $ 0.116639
okb
OKB (OKB) $ 54.81
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,200.24
hedera-hashgraph
Hedera (HBAR) $ 0.088699
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.041925
kaspa
Kaspa (KAS) $ 0.128435
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.296630
dogwifcoin
dogwifhat (WIF) $ 2.77
maker
Maker (MKR) $ 2,835.77
optimism
Optimism (OP) $ 2.50
fetch-ai
Fetch.ai (FET) $ 2.42
injective-protocol
Injective (INJ) $ 28.03