Bitcoin seems to be trapped below the $53000 resistance as it’s been almost a month since Bitcoin tested that price level. It rose above $52,000 on December 28th but couldn’t extend the bullish rally and started to dwindle. Bitcoin has been ranging between $48,000 and $46,000, from December 28. The decline in price and followed by range has created an inverted flag pattern on 4 hour chart. Such patterns is bearish for BTC. Since this flag represents a 12% decline in price, there are chances that Bitcoin might slump another 12% after a downwards breakdown. Bitcoin has near term resistance at $50,000 and the support is at the long-tested level of $45,000.
