Bitcoin failed to clear the $50,000 resistance zone against the US Dollar. BTC is sliding and there is a risk of more downsides below $47,000. Bitcoin made two attempts to clear the $49,500 resistance but failed. The price is now trading below $48,500 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if there is a clear break below the $47,500 support zone. Bitcoin Price Tops Near $49,500 Bitcoin price started a recovery wave above the $48,500 resistance zone. However, BTC failed to clear the $49,500 resistance zone. It made two attempts to clear $49,500, but there was no clear break. As a result, there was a bearish reaction below the $48,500 level. The price declined below the 50% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. It is now trading below $48,500 and the 100 hourly simple moving average. Bitcoin price is now trading near the 76.4% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. There is also a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, the first major resistance is near the $48,000 level and the 100 hourly SMA. The next key resistance could be $48,500. The main hurdle is...
