BTC Bearish Long Term Scenario

[bitman007]

This the bearish scenario long term with BTC 1.17% . I will be breaking the chart down through bullet points so that it is easy to understand. 

Point to be noted : This is a bearish long term scenario and  this is strictly based on technical analysis and any catalyst like approval of ETFs could alter the course of this T/A. 

- Pattern shows what looks to be a bearish descending triangle . ( google -0.17% bearish descending triangle and compare) 

- Highs are getting lower and consistently rejecting at upper trend line . 

- Ichimoku failed to truly print inside the kumo cloud. Rejecting off the bottom side of the kumo cloud. Tekan Sen failed to closed distance with Kijun Sen. 

- MAC D is overextended with histogram shortening, indicating loss of buyer volume . 

- Stoch RSI has been overextended for past couple of days finally showing a double top . Historical double tops on the long periods have shown break down. 

- RSI showing a sharp slope downwards. 

Critical supports are 6100 followed by 5800. 

Intermediate Supports with potential bounces are 6800, 6600, 6250.