FX.co ★ Bitcoin remains under pressure.

Red line -resistance

Green lines- Fibonacci retracements

Bitcoin has managed to form another lower high in a sequence of lower highs over the last few days. Price has declined sharply from $16,580 to $16,150 and Bitcoin continues to trade sideways. There is no clear direction for the short-term and that is why traders need to remain patient. Bitcoin continues to trade above the key support of $15,480 but it also fails to show any signs of strength, as price continues below the red downward sloping short-term resistance trend line. This resistance is at $15,550. Bulls need to break above it in order to hope for a bounce towards the 38% retracement level.