FX.co ★ Bitcoin getting slammed as Dollar strengthens across the board!

Yesterday Bitcoin fooled many traders as its first reaction after the FOMC was slightly bullish. Price broke briefly above the short-term resistance trend line and reached as high as $40,000. Today however is another day with Bitcoin price under heavy pressure breaking key support at $38,000.

Black line -resistance

Bitcoin's price is exiting to the downside, the trading range its been in for 5 months. Initially price bounced higher but now it feels that this was most probably a fake reversal to the upside. Is this a fake break down as well? Technically bulls will need to recapture $40,000 in order to confirm a trend change. Until then price will remain vulnerable to more downside.