Bitcoin is trading just above the recent low of $43,127. Price has made a bearish reversal from $48,600 price level where it was trading two days ago. In our last analysis we warned Bitcoin bulls to be cautious as there were warning signs of a reversal and move lower.
Red lines - Fibonacci extension targets
Bitcoin has fulfilled our expectations and has reversed its trend. Price is expected to break below $43,000 and move towards our first downside target of $38,950. Short-term trend is bearish. In our last analysis we mentioned that a break below $46,600 would be a bearish sign and will open the way for a move to new lows. We are in the middle of the way and I expect price to continue lower. The warning signs were there. Bulls were warned.
