BTCUSD back down we go

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The price of bitcoin failed to break this resistance level (red), which was a strong previous support level . The price was unable to hold above the resistance level of the descending triangle , and has moved back below it. It is very likely at this point the price would take a break and retrace a little. I believe the price would move back up and test the resistance level of the descending triangle , this is supported by the fact that the bearish push seems to have lost momentum and the RSI is at an oversold level. If the resistance is able to hold then I think the price of bitcoin would once again try to test the strong support (red rectangle ), if this happens we could see bitcoin fall as low as $5800 and if the price is able to break lower we could see multi-month lows.


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