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Weekend sell off for Bitcoin or not?

Last Saturday Bitcoin was under heavy selling pressures as price fell from $53,000 to $41,000. Price bounced towards $47,000 the following day and since then it mostly moves sideways. Price remains in a bearish short-term trend as the market digests the heavy sell off of last week.

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Blue line - support

Red line - major resistance

Support is found at $47,000-$47,300 and resistance at $54,350. As long as price is below $54,350 Bitcoin is vulnerable to more downside. Breaking below $47,000 would most probably lead to a move towards last week's lows. Will we see another sell off this weekend? If support fails to hold then I believe we will see another strong move lower. Bulls have a lot of work to do in order to change trend to bullish.

The material has been provided by InstaForex Company - www.instaforex.com

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