FX.co ★ Bitcoin exits short-term bullish channel and turns lower.

Bitcoin bulls have enjoyed the upward move from $37,190 to $46,690 but now price has broken out of the bullish short-term channel. Price is vulnerable to a move lower towards $43,000.

Green lines - Fibonacci retracements

Bitcoin has most probably completed the upward move from $37,000 to $47,000. Price is expected to move lower and most probably towards the 61.8% Fibonacci retracement at $40,780 if support at $43,000 is broken. Bulls want to see price form a higher low in order to gain momentum for the next leg up. On the other hand bears want to see price start making lower lows and lower highs and eventually break below $29,000 which is the most important support level.