Bitcoin Turns Sell on Rallies Towards $48K, Bears In Action

Bitcoin extended decline below the $47,500 support zone against the US Dollar. BTC could recover, but upsides might be limited above $47,500.

Bitcoin started a fresh decline below the $48,500 and $47,500 support levels.
The price is trading below $48,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but upsides might be limited above $48,000 in the near term.

Bitcoin Price Extends Decline
Bitcoin price failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone.
The decline gained pace below the $47,000 level. A low is formed near $46,120 and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level.
It is near the 23.6% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low. The first major resistance is near the $47,200 level.
There is also a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low.

Source: BTCUSD on TradingView.com
A clear move above the $47,500 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level, where the bears might emerge. Any more gains could send the price towards the $50,000 level.
More Losses In BTC?
If bitcoin fails to recover above $47,200, it could continue to move down. An immediate support is near the $46,200 zone. The first major support is near $46,000.
A downside break below the $46,000 level could push the price towards the $45,500 support. Any more losses may possibly lead the price towards the $45,000 support zone, below which there is a risk of a larger decline in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,200, $47,500 and $48,500.

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