TA: Bitcoin Recovers Heavy Losses, Why BTC Could Resume Decline

TA: Bitcoin Recovers Heavy Losses, Why BTC Could Resume Decline


Bitcoin price declined over 15% and tested $42,000 against the US Dollar. BTC is recovering, but it could face sellers near the $48,500 and $49,000 resistance levels.

Bitcoin started a major decline below the $50,000 and $48,500 support levels. The price is now trading well below $50,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $52,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is correcting losses, but the bears are likely to remain active near $48,500 and $50,000. Bitcoin Price Recovers Above $45K

Bitcoin price failed to clear the $53,000 zone and started a major decline. BTC broke the key $52,000 support zone and the 100 hourly simple moving average to into a bearish zone.

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There was also a break below a key bullish trend line with support near $52,150 on the hourly chart of the BTC/USD pair.

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