TA: Bitcoin Fails Again, Why BTC Remains At Risk of a Larger Decline

[RSRS]

Bitcoin price failed to surpass the $49,000 resistance against the US Dollar. BTC is sliding and it could even break the $46,500 support zone.

Bitcoin is slowly moving lower from the $49,000 resistance zone.
The price is now trading well below $48,000 and the 100 hourly simple moving average.
There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further lower if there is a break below the $46,500 support zone.
Bitcoin Price Breaks Support
Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone.

There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses.

An immediate resistance is near the $47,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. On the downside, the price is finding bids near the $46,700 level.

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