Bitcoin (BTC) Bulls Take Back Seat, $4,850 Holds The Key

techanalysis btc3

Bitcoin price started a major downward move after it failed to stay above $5,150 against the US Dollar. The price declined below the $5,080 and $5,000 support levels to enter a short term bearish trend. There is a key declining channel in place with resistance at $5,040 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further towards the main support near $4,850, where bulls could take a stand. Bitcoin price failed to hold the key $5,220 and $5,150 supports against the US…