Blue lines- bearish RSI divergence
Red lines- bearish channel
Bitcoin is trading around $26,750 after getting rejected once again at the upper channel resistance at the end of May. Price continues making lower lows and lower highs. Bears remain in control of the near term trend. Our first warning was given with the bearish RSI divergence that we noted back in April. Price has formed a downward sloping channel since the top in April. Current price behavior suggests that Bitcoin remains vulnerable to a move lower specially if price breaks below the recent lows at $26,300-$25,800. Bulls on the other hand need to push price out of the bearish channel above $28,100 in order to reclaim control of the trend.