Bitcoin has been in a logarithmic channel with a clearly defined resistance, support, and median line. Bitcoin is at the top of this channel. The RSI is overbought and shows a bearish divergence. This indicates a downward trend.
There will be support at the median line, providing a good entry point for trades. When it finally breaks this line, Bitcoin should drop to the bottom of the channel and hit a fibonacci retracement support line, most likely the 61.8%. This will be a good entry for long trades. 3000 will be a strong support (fibonacci, previous ATH, psychological barrier).
There is a possibility that Bitcoin will attempt to break through 5000 and tap the top of the channel again. If this happens, it shouldn't pass the 5150-5250 range. The selloff will be rapid, so be aware.
There will be support at the median line, providing a good entry point for trades. When it finally breaks this line, Bitcoin should drop to the bottom of the channel and hit a fibonacci retracement support line, most likely the 61.8%. This will be a good entry for long trades. 3000 will be a strong support (fibonacci, previous ATH, psychological barrier).
There is a possibility that Bitcoin will attempt to break through 5000 and tap the top of the channel again. If this happens, it shouldn't pass the 5150-5250 range. The selloff will be rapid, so be aware.