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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.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

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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