Why Bitcoin Price Is Signaling More Downsides Below $47K

Bitcoin price started a downside correction from $50K against the US Dollar. BTC could extend its decline below the $47,600 support zone in the near term.

Bitcoin failed to gain strength above $50,000 and started a downside correction.
The price is now trading below $48,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline as long as it is below the $49,000 resistance zone.

Bitcoin Price Corrects Lower
Bitcoin price failed to settle above the $50,000 zone and started a steady decline. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average.
The price even broke the $48,500 support level and spiked below $47,800. A low is formed near $47,600 and the price is now consolidating losses. An immediate resistance is near the $48,300 level. It is near the 23.6% Fib retracement level of the downward move from the $50,519 high to $47,611 low.
The first major resistance is near the $48,800 level. There is also a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the downside, the $47,600 level is a short-term support. The first key support is near the $47,300 level. If there is a downside break below the $47,300 level, the price could continue to move down. The next major support is near the $46,800 level. Any more losses could open the doors for a move towards the $46,000 support zone in the near term.
Fresh Increase in BTC?
If bitcoin stays above the $47,000 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $48,300 level.
The first key resistance is near the $48,800 level and the trend line. The 50% Fib retracement level of the downward move from the $50,519 high to $47,611 low is also near the trend line resistance. A close above the trend line could set the pace for a decent increase towards the $50,000 level.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $47,600, followed by $47,300.
Major Resistance Levels – $48,300, $48,800 and $49,000.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Coinrule: Your One-Stop Solution in the Ever-Changing Crypto Landscape

Coinrule brings AI automation to your favorite trading platform. It's a comprehensive crypto and stocks control center. The Market Scanner scans more than 10,000...

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...