Bitcoin was expected to continue its upward move towards $45,000. However price was unable to move above $40,000 which is now a confirmed key short-term resistance level. Breaking above $40,000 will open the way for a move towards $45,000 which is our bounce target.
Blue lines - Fibonacci retracements
Bitcoin tried three times to push above the short-term resistance of $40,000 but failed all three. Price is trading just above $35,000. The recent low of $31,100 is key for the short-term trend. Breaking below it will open the way for a move towards $25,000. However as long as price is above it, bulls still have hopes for a push higher towards $45,000 or even $50,000.
