Bitcoin breaks below $30,000.

Bitcoin's recent price action justified the push below the $30,000 price level. In our previous posts we noted the increased chances of seeing a new decline towards $25,000-$15,000. Bitcoin remains under pressure specially since bulls were unable to break above their defenses.

Bitcoin is breaking below the May 19th low. Price is heading towards our first target at the 61.8% Fibonacci retracement at $26,800. As we mentioned in previous posts the 61.8% Fibonacci retracement is a very possible first target. Trend is bearish as long as price holds below $40,000. Until then bears are in control waiting for another decline towards $25,000-$15,000.