TA: Bitcoin Breaks Key Support, Why BTC Could Extend Losses

Bitcoin failed to stay above the $46,000 support against the US Dollar. BTC is sliding and might even test the $43,200 support zone. Bitcoin is down over 4% and there was a move below the $46,000 support. The price is trading below $45,500 and the 100 hourly simple moving average. There was a break below a key breakout pattern with support near $46,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline and test the $43,200 support zone in the near term. Bitcoin Price Dips Below Support Bitcoin price started a key decline after it struggled to stay above $46,500 and $46,400. BTC declined below the $46,000 support to move into a short-term bearish zone. There was a clear move below the 50% Fib retracement level of the upward wave from the $44,470 swing low $48,200 high. The bears were able to push the price below the $45,500 support and the 100 hourly simple moving average. Besides, there was a break below a key breakout pattern with support near $46,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below the 76.4% Fib retracement level of the upward wave from the $44,470 swing low $48,200 high. Source: BTCUSD on TradingView.com An immediate support on the downside is near the $44,450 level. The next major support is seen near the $44,000 level. The main support now sits near the $43,320 level. It is near the 1.236 Fib extension level of the upward wave from the $44,4...