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13.05.202118:06 Forex Analysis & Reviews: Bitcoin breaks support and falls to new lows below $47,000.

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Current price action in Bitcoin suggests bulls remain weak and price vulnerable to a bigger correction. Price has broken the short-term support trend line we mentioned yesterday and price is falling according to plan. The fall below $50,000 was our first target and then below $47,000. Price has since then bounced and is consolidating around $50,000.

Bitcoin remains vulnerable to a move lower. Our next target is at the 38% Fibonacci retracement around $42,000 price level. There we also find the 100% Fibonacci extension of the current decline with respect to the first leg down. Bitcoin remains vulnerable and we continue to expect that prices will continue lower over the coming days.

Alexandros Yfantis
Analytical expert of InstaForex
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