Increase in volatility in Bitcoin.

As expected Bitcoin price broke below $43,000 and moved today as low as $40,025. Price remains in a bearish trend making lower lows and lower highs. Price is now back testing the broken support of $43,000-$43,600.

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Green lines - Fibonacci retracements

Red lines - Fibonacci extension targets

Blue line -previous support now resistance

Bitcoin so far has retraced more than 50% of the entire rise from $29,000. Price has reached very close to our first target of $38,950 as we mentioned in our latest analysis. As long as price is below $49,000 bears will be in control of the trend and price will be vulnerable to more downside. Bitcoin price is bouncing towards the previous support and now resistance at $43,000. A rejection here will increase chances of a move below $39,000.





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Alexandros Yfantis
Analytical expert of InstaForex
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