BTC – Trending Down

Bitcoin remains trapped inside the support and resistance, even the nefarious weekend couldn’t make it move. Besides slowly meandering between $40,000 support and $50,000 resistance, Bitcoin is snakingly trending down as it makes lower highs, as seen in the chart above. With that said, RSI suggests that this bearish trend is exhausting. As Bitcoin approaches the support level of $40,000 it might gain volatility as the war between the bulls and bears intensifies. Bitcoin has local resistance at $46,700, fib 0.5.