TA: Bitcoin Tops Above $46.5K, Why BTC Could Extend Losses

Bitcoin price failed to continue higher above $46,700 against the US Dollar. BTC is correcting gains and it might revisit the $42,850 support zone. Bitcoin failed to clear the $46,500 and $46,700 resistance levels. The price is now trading below $45,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to extend its decline towards the $43,000 and $42,850 support levels. Bitcoin Price Starts Downside Correction Bitcoin price failed to continue higher above the $46,500 and $46,700 resistance levels. As a result, BTC reacted to the downside below the $46,000 support zone. There was a break below a key bullish trend line with support near $45,900 on the hourly chart of the BTC/USD pair. The pair broke the $45,000 support level and it settled below the 100 hourly simple moving average. It even traded below the $44,000 level. A low was formed near $43,785 and the price is now correcting losses. It recovered above the $44,000 and $44,500 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $46,758 swing high to $43,785 low. On the upside, an initial resistance is near the $45,000 level. The first key resistance is near the $45,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline fro...