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

Apr 1, 2022 04:00 am Cryptocurrency 124

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 ..

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