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.