Bitcoin resumed drop after a brief upward correction and a few days of a sideways move. The biggest cryptocurrency slumped yesterday after bulls were unable to push the price above the major price zone. The resistance zone ranging around the 61.8% retracement of the upward move launched in late-September is additionally strengthened by the upper limit of a local market geometry at $51,200. It suggests that recent recovery may have been just an upward correction and the market is about to return to the main downward trend. The nearest support to watch can be found at 78.6% retracement near recent lows ($46,000 area). Breaking below would pave the way for a move towards the $40,000 area.
Source: xStation5
