TA: Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

Bitcoin failed to clear the $52,000 resistance zone against the US Dollar. BTC is started a major decline and traded below the $50,000 support. Bitcoin made two attempts to clear the $51,800-$52,000 resistance zone but failed. The price is trading below $50,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is declining and could even dive below the $49,500 support zone in the near term. Bitcoin Price Forms Bearish Pattern Bitcoin price made another attempt to clear the $51,800 resistance zone. BTC spiked towards the $52,000 zone, where the bears took a stand. It seems like there is a double top pattern forming near $52,000. A high was formed near $52,111 and the price started a fresh decline. There was a break below the $51,200 and $50,500 support levels. There was also a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. Bitcoin is now trading below $50,000 and the 100 hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. An immediate support is near the $49,500 zone. The first major support is near $49,000. Source: BTCUSD o...