BTC – More Downside Likely

The bears remain in control in Bitcoin which broke below the 200-day SMA last week. It is now trading below all of the key moving averages. Looking back on November 17 to December 03 sell-off the same pattern of making lower highs was observed and it concluded by pushing Bitcoin down more than 26% from $57000 t0 $42000. The same pattern is underway and the bottom support is being tested again and again with an imminent break. The prediction arrow is from December 17 and Bitcoin is following the move. We have immediate support at $43600, fib 1.41. however, it can first rise to the resistance level of $48,000, fib 0.5 before another move lower. If Bitcoin breaks above the previous high of $49,000, fib 0.236 – there is potential upside.