BTCUSD is trading in a clear primary downward trend. Looks like we are seeing a developing head and shoulder pattern; today the price fell below 61 fib retracement and is struggling to break out. If it completes the right shoulder it will fall further towards 78 fib retracement. 50 MA is above 20 MA and RSI bearish divergence is consistent with the forecast of further decline.
Trade closed: stop reached:
The price broke the FIB 61 retracement and rose strongly above the primary downtrend line effectively starting a reversal.