FX.co ★ Worrying Daily candle in Bitcoin suggests price is vulnerable to the downside.

Bitcoin is trading around $39,000 as price managed to move as high as $39,870 earlier today. Price is near its open and lows of the day. The Daily candlestick so far has a long upper tail implying bulls remain weak.

A daily close at current levels or lower would be a bearish sign. Price can very well pull back lower towards the $38,000 where we find major support. Price is trading above major support and trend remains bearish as price continues making lower lows and lower highs. Bulls need to overcome $40,800 in order to provide a hint of a reversal. Until then bears are in control of the trend.