•Bitcoin is forming a head and shoulders pattern on the daily chart. We have to break under the neckline to confirm the breakout to the downside.
•The daily MACD has made a bearish cross.
When you draw a line from the neckline to the head, and then copy the line under de neckline where the breakout takes place, you get a price target of 53K. 53K is a massive support. We have the 50-day EMA and the old top of the September crash as support.