BTCUSD retraced back to the FIB 0.618 level for the 3th time in its recent long term pattern.
If bitcoin breaks below 5.8K, I see BTC going to 5.1K to complete the pattern we are in before going side ways for some time:
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I suspect a small re bounce until around 6800 - 7000 levels before we continue the downwards trend.
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The pitchfork shows perfectly how the trend follows the upper line. I suspect a downwards trending line until the median which matches perfectly with our earlier levels of around 5100
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Bearish flag in the air. Based on setup, this can become a major breakdown.
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Forgot to mention the volume profile which does not support a trend reversal and strengthen our bearish outlook.