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Red line- horizontal resistance
Black lines- bearish RSI divergence
In our previous analysis on Bitcoin we noted the importance of the horizontal resistance at $25,000 and the bearish RSI divergence. Price once again is getting rejected at the horizontal resistance and price is vulnerable to more downside. Recent price action confirms the importance of the resistance at $25,000. Support remains key at $21,300 area. As long as price is above this level bulls have the upper hand in the short-term. Price is making higher highs and higher lows, that is why bulls do not want to see price break below $21,300. Despite the recent rejection at $25,000, bears need to show more signs of strength. Bears are still not in control of the trend.
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