FX.co ★ Bitcoin tests key downward sloping trend line.

Bitcoin is bouncing towards the key resistance area of $49,000-$50,000 after a short-term low just above $45,000. Technically trend remains bearish as price has not made a higher high yet. Price is challenging the key downward sloping trend line and as long as it trades below it, price will be vulnerable to a move below $45,000.

Bitcoin continues to trade below the red trend line resistance. Bulls need to break above it and stay above $49,000 level in order to hope for a bigger bounce. First target is at $52,000 if resistance is broken. Second target is at $58,000. Support remains key for the short term at $45,000.