TA: Bitcoin Close Below $46K Could Spark Larger Degree Decline

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Bitcoin price failed once again to clear the $48,500 resistance zone against the US Dollar. BTC is declining and it could even decline below the $46,200 support zone.Bitcoin started a fresh decline after it failed to surpass the $48,500 resistance zone.The price is still trading below $47,500 and the 100 hourly simple moving average.There is a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could continue lower if it fails to stay above the $46,800 support zone.Bitcoin Price Is Facing HurdlesBitcoin price made another attempt to clear the $48,500 resistance level. BTC spiked above the $48,500 resistance, but it failed to continue higher. A high was formed near $48,750 and the price started a fresh decline.There was a clear break below the $48,000 level and the 100 hourly simple moving average. The price broke a connecting bullish trend line with support near $48,000 on the hourly chart. The last swing high was formed near $48,323 before the price declined below $47,500.The bulls are now protecting the $46,800 support zone. A low is formed near $46,827 and bitcoin is now consolidating losses. An immediate resistance on the upside is near the $47,200 level. The 23.6% Fib retracement level of the recent decline from the $48,323 high to $46,827 low is also near the $47,200 level.Source: BTCUSD on TradingView.comThe first major resistance sits near the $47,550 level. It is near the 50% Fib retracement level of the recent decline from the $48,323 high to $46,827 low. There is also a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair.To start another increase, the price must clear the $48,000 resistance. The next major resistance is near the $48,500 zone, above which the price could easily rise towards the key $50,000 resistance.More Losses In BTC?If bitcoin fails to clear the $48,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $46,800 level.The next major support is near the $46,280 zone. A downside break below the $46,200 zone could trigger a nasty decline towards the $45,000 level or even $43,800.Technical indicators:Hourly MACD – The MACD is slowly 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 – $46,800, followed by $46,280.Major Resistance Levels – $47,550, $48,000 and $48,500.
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