Blue lines- bearish RSI divergence
Red lines- bearish channel
Green lines- triangle pattern
Bitcoin is trading around $26,700. Today price is under pressure and we may be very close to providing a new bearish signal if the triangle pattern that was recently formed is broken to the downside. Price has made no real progress over the last few days and that is why a sideways action with a shape of triangle has been formed.. A few weeks back we warned traders of a potential reversal when the RSI provided several bearish divergence signs. Since then price has formed a downward sloping channel and Bitcoin price has recently formed a green triangle pattern. We are very close to breaking below triangle support at $26,620. A break below the lower triangle boundary will open the way for a move lower towards the lower channel boundary.
