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. 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 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses. An immediate resistance is near the $47,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. On the downside, the price is finding bids near the $46,700 level. Source: BTCUSD on TradingView.com The next key support is near the $46,500 zone. If there is a downside break below the $46,500 support zone, the price might continue to move down. The next major support is...