TA: Bitcoin Fails Again, Why BTC Remains At Risk of a Larger Decline

TA: Bitcoin Fails Again, Why BTC Remains At Risk of a Larger Decline


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

Bitcoin is slowly moving lower from the $49,000 resistance zone. The price is now trading well below $48,000 and the 100 hourly simple moving average. There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a break below the $46,500 support zone. Bitcoin Price Breaks Support

Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone.

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There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100

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