Blue lines- bearish channel
Red line- horizontal support
Bitcoin is under pressure as price has lost the $19,000 level and is challenging the $18,000. In a previous analysis we warned that we expect a rise in volatility and our most probable outcome would be for Bitcoin to break down below support. Price remains inside the bearish channel and the selling pressures against BTC have increased. The Dollar is getting stronger across the board after the CPI announcements earlier today. Despite Dollar weakness this morning, BTC did not move higher. On the contrary when Dollar strengthened, Bitcoin started to accelerate the decline. A break below the red horizontal support will be a new bearish signal. Our next target remains around $12,000. In order for trend to change bulls will at least need to break out of the bearish channel and above $20,600. Until then we remain bearish.