Il price Bitcoin it failed to gain strength and, as expected, began a new decline below the $ 50.000 support, an important psychological line. The price of BTC thus traded below the levels of 49.200 and 49.000 dollars, then moving into a clearly bearish zone.
Furthermore, 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 also traded below the $ 48.500 support zone and traded near the $ 47.200 level.
That said, note how a low has formed near $ 47.305 and how the price is now consolidating. Bitcoin is trading below $ 49.000 and the 100-hour simple moving average. Immediate resistance to the upside is near the $ 48.200 level, but the major and most important resistance is close to the $ 48.500 level, beyond which tests could open at $ 49.800.
At that point, a clear move above the $ 49.800 resistance zone could initiate a new rise in the price of BTC. The next stop for the bulls could be near the $ 51.200 level.
Conversely, if Bitcoin fails to recover above $ 49.200, it may continue to move downward. Immediate support is near the $ 47.500 zone. The first major support, however, is the one near $ 47.200, after which the bears could push the price towards the $ 46.500 support. Further losses could push the price towards the $ 45.500 support zone.
