BTC / USD
28,213.66
1.8%
(+497.77)
ETH / USD
1,810.16
3.06%
(+53.75)
XRP / USD
0.43
2.2%
(-0.01)
LTC / USD
93.63
6.18%
(+5.45)
EOS / USD
1.17
2.9%
(+0.03)
BCH / USD
130.17
1.58%
(+2.02)
ADA / USD
0.37
1.75%
(-0.01)
XLM / USD
0.09
2.72%
(-0)
NEO / USD
13.10
7.01%
(+0.86)
XEM / USD
0.04
2.24%
(0)
DASH / USD
62.13
7.93%
(+4.57)
USDT / USD
1.00
0.1%
(-0)
BNB / USD
324.23
0.24%
(-0.79)
QTUM / USD
3.37
2.33%
(+0.08)
XVG / USD
0.00
0.46%
(0)
ONT / USD
0.23
2.19%
(0)
ZEC / USD
37.28
6.27%
(+2.2)
STEEM / USD
0.21
1.07%
(0)

What Could Trigger A Sharp Decline

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Bitcoin is struggling to recover above the $48,000 resistance against the US Dollar. BTC could decline heavily if there is a clear break below $46,000.

  • Bitcoin started a consolidation phase below the $48,500 and $48,000 resistance levels.
  • The price is trading below $48,000 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $47,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a larger decline unless it surges above the $48,000 barrier.

Bitcoin Price Remains At Risk

Bitcoin price failed to recover above $48,500 and started another decline. BTC traded below the $48,000 and $47,500 levels to move into a bearish zone.

The decline gained pace below the $47,000 level and the 100 hourly simple moving average. A low was formed near $45,530 before the price started an upside correction. Bitcoin was able to recover above the $46,500 and $47,000 levels.

The price climbed above the 50% Fib retracement level of the key decline from the $48,591 swing high to $45,530 low. However, the price failed to clear the $48,000 resistance zone.

Besides, there is a connecting bearish trend line forming with resistance near $47,600 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the key decline from the $48,591 swing high to $45,530 low.

Source: BTCUSD on TradingView.com

A clear move above the $48,000 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level. Any more gains could send the price towards the $50,000 level in the near term.

Fresh Decline In BTC?

If bitcoin fails to recover above $48,000, it could continue to move down. An immediate support is near the $46,400 zone. The first major support is near $46,100.

A downside break below the $46,100 level could push the price towards the $45,500 support. Any more losses may possibly spark a larger decline below the $45,000 support zone. In the stated case, the price may possibly decline towards the $43,200 level.

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 below the 50 level.

Major Support Levels – $46,100, followed by $45,500.

Major Resistance Levels – $47,500, $48,000 and $48,500.

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