As expected Bitcoin got rejected when price reached the upper channel boundary. Bitcoin price remains inside the bearish channel since its all time highs. Trend remains bearish and as long as price is below $41,000, we expect to see more downside.
Blue lines - bearish channel
Bitcoin is trading below $37,000. Price remains vulnerable to more downside. Staying inside the bearish channel confirms that bears remain on control of the trend. Bulls will need to recapture at least $39,000 in order to show a sign of strength and signal a possible reversal. Price so far has made a lower high at $39,200. Bulls need to push at least above this level in order to start a sequence of higher highs and higher lows, with a hope of moving even higher.
