Bitcoin - Double Bearish Divergence

Let's look at Bitcoin market using the 1H timeframe.

The price formed a double bearish divergence with MACD and RSI. It gives a trend reversal signal and we get one more signal confirming the correction from the higher timeframes.
The price broke the local uptrend line, but we did not see the falling to SMA100 and SMA200. The market continued the sideways movement at 5000.00 level.

Now we can draw a price channel between 5100.00 and 4900.00 levels. For this, I use the local resistance and support levels. The price can continue the sideways movement for some time, but anyway we will see the breakout from this channel. The direction of the breakout will show us further market movements.

If the price breaks the upper level, we should expect the upward movement to the previous swing high at 5300.00 level. Now it's the nearest resistance level above the channel. If the price breaks the bottom level of the price channel and SMA100, it will confirm the downward movement in the 1H timeframe and the correction movement in the higher timeframes. The price will be able to reach SMA200 and lower support levels. If we get a new bearish trend based on the 1h chart, trend reversal signals will be good for opening buy positions. The confirmed reversal signals from the support levels will make trading more reliable.

Comment:

The level which will be important for the further market movements - 5300.00. It's the local swing high and a new resistance. The price action in this zone can give additional reversal signal like a double top, or it can confirm the upward movement to 5500.00 and 6000.00 levels.