BTC has been in a descending channel since hitting 12.4K , the bears have confirmed their dominance in the trend over the last couple of days by the price getting rejected at 11.8K by the (1st uptrend support line) then yesterday at 11.5K (2nd uptrend support line).
Over the last few days the price has been supported by the 200 (HLC candle) Fibonacci Bollinger Band median line (purple cross line). If BTC doesn't get supported by this over the next couple of days then there's a strong tendency for the price to drop to the lower Bollinger band (Green cross line representing the .618 FIB on the 200) which coincides with the 10.5K support. The perpetual contract futures interest rate for Long positions has increased from .04% to .046% and the interest for Short positions has increased from .015% to .017% since Aug 25th. Since these rates are charged every 4hrs the cost of staying Long relative to Short interest rate (basically 2.5 times higher) may eventually cause Longs to start parring down their positions thus putting more downward pressure on BTC. Time will tell, however I see more downward pressure over the next few day if this plays out.
Over the last few days the price has been supported by the 200 (HLC candle) Fibonacci Bollinger Band median line (purple cross line). If BTC doesn't get supported by this over the next couple of days then there's a strong tendency for the price to drop to the lower Bollinger band (Green cross line representing the .618 FIB on the 200) which coincides with the 10.5K support. The perpetual contract futures interest rate for Long positions has increased from .04% to .046% and the interest for Short positions has increased from .015% to .017% since Aug 25th. Since these rates are charged every 4hrs the cost of staying Long relative to Short interest rate (basically 2.5 times higher) may eventually cause Longs to start parring down their positions thus putting more downward pressure on BTC. Time will tell, however I see more downward pressure over the next few day if this plays out.