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

TA: 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.

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The decline gained pace below the $47,000

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