Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.
- Bitcoin is trading in a bearish zone below the $48,000 resistance level.
- The price is trading below $47,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start a strong recovery wave if it stays above the $45,500 support zone.
Bitcoin Price Eyes Recovery
Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.
There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.
An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.
Source:A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.
