Hi friends! Bitcoin has formed a series of head and shoulders patterns (in red,) just above critical support. If you look at the right head and shoulders pattern, you can see that BTC has already broken lower, and is now forming a bear flag consolidation, after a dead bounce off of the "Critical Support" level. This is a perfect set up, for a break of the long-term ascending trendline (in black,) as well as the Critical Support level. In addition to the bearish formations, sell-side momentum has been relentless, with a continuous, steady push to the downside. A breakdown below the Critical Support, could send BTC to screaming $11,800, and then to the 61.8% retracement level around $11,200. With a breakdown of this nature, panic selling could easily engulf this market, pushing BTC below $9,000. If the bulls want to survive, they need to rally out of the bear flag, and get back above the 50 EMA to begin forming higher highs — an unlikely feat.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***