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BTCUSD testing multiple resistances, possible bearish setup!

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Bitcoin (BITFINEX:BTCUSD)  
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BITFINEX:BTCUSD   Bitcoin
Trend Analysis Harmonic Patterns Chart Patterns BTCUSD btcusdshort btcusdlong Bitcoin (Cryptocurrency) bitcoinshort bitcoinlong bitcoinidea Cryptocurrency crypto
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trendanalysis harmonicpatterns chartpattern btcusd btcusdshort btcusdlong bitcoin bitcoinshort bitcoinlong bitcoinidea cryptocurrency crypto

BTCUSD is now testing multiple resistances (long term pullback to descending support-turned-resistance level, shorter term descending resistance, horizontal pullback resistance, Fibonacci retracement) and a reaction could occur from this level to drive prices down to 5763 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees a long term descending resistance line hold price down really well and add bearish momentum to our setup.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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