Bitcoin’s steep decline today affirms that case that corrective rebound from 33000 has completed at 45842, after failing to sustain above 55 day EMA. The development also argues that down trend from 68986 is ready to resume. Further decline is now expected as long as 39252 resistance holds.
First target will be 33000 low. Decisive break there will confirm this bearish case. It’s a bit early to say whether the downside momentum warrants a firm break of 30k handle. But, we’d tentatively put 61.8% projection of 68986 to 33000 from 45852 at 23602 as the next target. Let’s see.
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