Bitcoin is testing towards the $47,000 support level as bears take control of the pioneer cryptocurrency in the short-term horizon. Continued weakness below the $47,800 resistance level could cause the BTCUSD pair to slip towards the $44,000 support area. Traders should be aware that the $44,000 level is the neckline of a large head and shoulders pattern with a $14,000 downside target.
The BTCUSD pair is only bullish while trading above the $47,800 level, key resistance is found at the $50,000 and the $52,000 levels.
If the BTCUSD pair trades below the $47,800 level, sellers may test the $46,000 and $44,000 levels.
