Bitcoin Enters Consolidation Phase (Short-Term 4H TA)

We have a bearish bias developing once more short-term.

We have a strong rejection at the ~$45.5K resistance level on 10-Feb.
What follows is a lower high and a break below EMA10.

EMA50 is now being challenged as support and very likely to break.

If the resistance continues to hold, we will see Bitcoin next move to around $40,000 followed by $38K.

You can find additional support levels on the chart.

Namaste.

Comment:

We hit the first target at $40K.

The next target is $38K short-term.

The projection is much lower on the bigger timeframes.