Bitcoin is trading around $41,500. Price is on negative territory relative to yesterday. Short-term trend remains bearish despite the short lived bounce from $39,550 to $44,370. Price remains under pressure and we remain bearish as long as price is trading below the key downward sloping red trend line.
Bitcoin is vulnerable to a new lower low below $39,550 as long as price is below the resistance trend line shown in the Daily chart above. There is no sign of a reversal or an imminent major low. The RSI in the Daily chart has not provided us with any bullish divergence and price continues making lower lows and lower highs. A break above recent high at $44,370 would be the first positive sign after 2 months.
