What do we have for now?
Bitcoin is extremely weak, zero buy pressure. The $39,600 level that we told you about is now acting as the strong resistance. Bunch of people want to open SHORT position there. So, there are two options:
1. The price won't reach this level and reverse downwards from ±$38,000 zone. Target would be around $30,000.
2. The price will break this level upwards and go to the $43,000 zone to trigger stop losses and liquidations of those who opened SHORT position too early.
Overall priority is bearish, downwards and not good at all. Bears break the supports easily and bulls have nothing to do with it. However, we should see a relief bounce from here since indicators are oversold.