Bitcoin is trading above $40,500 and below $44,800. Price is moving mostly sideways for the last few sessions. The $40,000 price level is a confirmed support and breaking below it will provide a new sell signal.
Green rectangle- support
On the other hand there is technical resistance by the trend line at $44,800. Breaking above the trend line will be a sign of strength. So far price has formed also three lower highs implying that bulls become weaker as each bounce makes lower highs. I favor the scenario where price breaks to the downside and moves towards $35,000 at first. However bears will need to break below the green rectangle first.
