TA: Bitcoin Resumes Decline, Indicators Suggest Limited Upside

Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term. Bitcoin started a fresh decline below the $50,000 and $49,500 support levels. The price is trading below $49,000 and the 100 hourly simple moving average. There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $49,200 in the near term. Bitcoin Price Gains Bearish Momentum Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone. Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level. A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level. The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800. Source: BTCUSD on TradingView.com Besides, the 50% Fi...