Bleeding in early pregnancy, low hgc level

Patient: I received a positive hpt 5 days after my missed period. The next day I had bright red bleeding wihout pain, cramping, or clotting,that lasted for 2 days and stopped. I had a positive pregnancy blood test at the e.r. with an hcg level of 12. They were unable to see anything with a ultrsound.My last menstrual was january 9th. I am awaiting results of a second blood test for hcg levels. What is your opinion So far ? Is it most likely a miscarriage?

Symptoms: Pregnancy, bleeding