Blue lines- bearish channel
Bitcoin is trading around $21,600. Short-term trend is now bearish as price is making lower lows and lower highs in the 4 hour chart. Price has also formed a downward sloping channel. Bitcoin recently broke below key short-term support and combined with the bearish warnings by the RSI, we continue to believe the Bitcoin price remains vulnerable to more downside. Horizontal support is found at least week's low at $21,488. So far price respects this support. If price breaks below it, we should then expect the decline to push price lower towards the lower channel boundary around $20,800. Resistance by the channel is found at $22,040.
