Bitcoin has recently headed up into major resistance (0.618 Fibonacci resistance line, 0.382 Fibonacci speed resistance trend line and the inside bottom pitchfork line) in addition to an evident loss of momentum (culminating in the most recent bearish divergence) on the Relative Strength Index 14 that has resulted in a trend reversal with a pending bearish kumo cloud twist.
The drop has become overextended for the time being, being brought to a stop by the 0.5 Fibonnacci support line and a strong uptrend line showing the price to rise back up to the 0.618 Fibonacci resistance line to gain more bearish support before continuing the weekly trend down to the bottom pitchfork line and 0.25 Fibonacci Speed Resistance trend line in a Head & Shoulders pattern.
The drop has become overextended for the time being, being brought to a stop by the 0.5 Fibonnacci support line and a strong uptrend line showing the price to rise back up to the 0.618 Fibonacci resistance line to gain more bearish support before continuing the weekly trend down to the bottom pitchfork line and 0.25 Fibonacci Speed Resistance trend line in a Head & Shoulders pattern.
Comment:
Head and shoulders rejected, BTFD, uptrend beginning