Breakdown of upwards channel, Bitcoin likely to correct moreWe are looking for a short target of $43,000 before bouncing off strong support. This is not the start of a bear market but rather a correction where lots of people took profits after hitting $50,000. The red line marks the downwards sell pressure. Bulls have staged some rallies but nothing managed to stick or clearly break through the red trendline. We are still bullish medium to long term, but bearish in the short term.
We need to see a solid break, not a wick but a close, above the sell pressure before resuming upward momentum. Market fundamentals are strong with little FUD and bullish news for Bitcoin. After a month of solid upward price movement, a correction was not a surprise.
