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Despite making a new all time high and activating an inverted head and shoulders pattern, Bitcoin ends the week under pressure and with a bearish reversal signal. Price has not only broken out of the bullish channel, it has also canceled the bullish inverted head and shoulders pattern. Bitcoin was already warning us with bearish RSI divergence signs. The reversal now is happening. How low can Bitcoin go?
Green lines - Fibonacci retracements
Blue lines - bullish channel
Bitcoin as we mentioned earlier has broken outside of the bullish channel. Price made a low today around $50,000 and is now trading at $55,800 area. Trend is no more bullish. There are signs that trend is about to change to bearish as price exits the channel. Bitcoin has support at $50,000 and I expect to see the 38% Fibonacci retracement around $41,000 if we break below $50,000. Making a deeper correction to lower Fibonacci levels is still possible but not my primary scenario yet. At current point in time I prefer to be neutral Bitcoin.
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