Bitcoin is trading around $45,400 after reaching as high as $48,200. Price has so far retraced a little bit more than the 38% of the entire decline. The weekly candlestick in Bitcoin is not very positive for next week if price closes below $46,600.

Price is retracing the decline from its all time highs. The decline from the all time highs is over. The big question is whether this is the start of a new upward movement or just a short-term bounce before the next sell off that will bring price below $29,000. Current market conditions justify a move higher towards the 61.8% level. This week's closing will also provide us with key information on what to expect next.