BTC Bears in Control, Watch Out Below

Bitcoin remains under pressure as it range trades between $40K and $50K. It has been in a downtrend since the parallel pattern formed and its price movement is now forming a triangle suggesting further downside opportunity. Bears remain in control as the buying power runs out of steam.  If the base of the triangle breaks below, Bitcoin could extend to the next support level of $37,000, fib 1.414. Bitcoin’s near term resistance is at $44,000, fib 0.786.