Why Bitcoin Price Is Signaling More Downsides Below $47K

Bitcoin price started a downside correction from $50K against the US Dollar. BTC could extend its decline below the $47,600 support zone in the near term.

Bitcoin failed to gain strength above $50,000 and started a downside correction.
The price is now trading below $48,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline as long as it is below the $49,000 resistance zone.

Bitcoin Price Corrects Lower
Bitcoin price failed to settle above the $50,000 zone and started a steady decline. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average.
The price even broke the $48,500 support level and spiked below $47,800. A low is formed near $47,600 and the price is now consolidating losses. An immediate resistance is near the $48,300 level. It is near the 23.6% Fib retracement level of the downward move from the $50,519 high to $47,611 low.
The first major resistance is near the $48,800 level. There is also a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the downside, the $47,600 level is a short-term support. The first key support is near the $47,300 level. If there is a downside break below the $47,300 level, the price could continue to move down. The next major support is near the $46,800 level. Any more losses could open the doors for a move towards the $46,000 support zone in the near term.
Fresh Increase in BTC?
If bitcoin stays above the $47,000 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $48,300 level.
The first key resistance is near the $48,800 level and the trend line. The 50% Fib retracement level of the downward move from the $50,519 high to $47,611 low is also near the trend line resistance. A close above the trend line could set the pace for a decent increase towards the $50,000 level.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $47,600, followed by $47,300.
Major Resistance Levels – $48,300, $48,800 and $49,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,219.29
ethereum
Ethereum (ETH) $ 1,905.70
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.40
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.525765
staked-ether
Lido Staked Ether (STETH) $ 1,904.34
cardano
Cardano (ADA) $ 0.381815
dogecoin
Dogecoin (DOGE) $ 0.073133
solana
Solana (SOL) $ 21.64
matic-network
Polygon (MATIC) $ 0.905704
tron
TRON (TRX) $ 0.081890
litecoin
Litecoin (LTC) $ 96.32
polkadot
Polkadot (DOT) $ 5.37
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.75
dai
Dai (DAI) $ 0.999627
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,244.30
uniswap
Uniswap (UNI) $ 5.13
chainlink
Chainlink (LINK) $ 6.50
leo-token
LEO Token (LEO) $ 3.59
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 45.99
monero
Monero (XMR) $ 149.82
ethereum-classic
Ethereum Classic (ETC) $ 18.22
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092551
bitcoin-cash
Bitcoin Cash (BCH) $ 116.61
internet-computer
Internet Computer (ICP) $ 4.86
filecoin
Filecoin (FIL) $ 4.87
lido-dao
Lido DAO (LDO) $ 2.34
true-usd
TrueUSD (TUSD) $ 0.999382
aptos
Aptos (APT) $ 9.08
quant-network
Quant (QNT) $ 117.89
hedera-hashgraph
Hedera (HBAR) $ 0.050997
crypto-com-chain
Cronos (CRO) $ 0.060474
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.64
vechain
VeChain (VET) $ 0.020043
the-graph
The Graph (GRT) $ 0.129760
apecoin
ApeCoin (APE) $ 3.16
algorand
Algorand (ALGO) $ 0.153065
the-sandbox
The Sandbox (SAND) $ 0.577959
eos
EOS (EOS) $ 0.921299
paxos-standard
Pax Dollar (USDP) $ 0.999396
frax
Frax (FRAX) $ 0.999637
render-token
Render (RNDR) $ 2.74
elrond-erd-2
MultiversX (EGLD) $ 38.65
optimism
Optimism (OP) $ 1.51