Consecutive rejections on the 4H Lower High Resistance. Still sh

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After yet another test of the 5,700 support (5,782.90 the daily bottom so far) as BTCUSD broke the 6,000 threshold again on a very bearish 4H candle ( MACD = -94.900, B/ BP = -375.0363). See how the 4H Channel Down (Highs/Lows = -149.1254) is unfolding with multiple Lower High Resistance rejections and the recurring Inverter Head and Shoulder patterns that lead to aggressive fallouts. The plan is intact with TP = 5,617.4 (1W EMA100) and new Lower Low for the 1D Channel Down ( RSI = 32.712, Highs/Lows = -284.2797) near 5,373.50.

On a more long term perspective, the 1W candle is already below -4.00%, making it the fourth bearish week in a row and seventh in the last eight weeks. The monthly candle will also close in red (-21.17% currently), making it the second bearish in a row and third in the last four for BTC . Monthly shows that once the MA20 period (5,162.20 - 5.860.30) is compromised, it will lose its neutral status ( RSI = 52.569, CCI = -2.3517, Highs/Lows = 0.000 ) it held since the logarithmic rise on 1,240.50 and will steadily test the MA50 (2,314.10 - 3,387.0) in the next 6 months, before the new bullish cycle on Bitcoin commences. On the medium term, 4,565.1 (1W SMA100) is the targeted extension.
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