Bitcoin has fallen below the $50,000 support as selling towards altcoins increases, and the decline in the top cryptocurrency shows few signs of stopping. A bullish inverted head and shoulders pattern has now been invalidated and is warning of a price drop towards the $40,000 support zone The important key swing-low, around $51,300, is now acting as former key support, now turned key resistance.
The BTCUSD pair is only bullish while trading above the $51,300 level, key resistance is found at the $53,000 and the $54,600 levels.
If the BTCUSD pair trades below the $51,300 level, sellers may test the $47,000 and $44,000 levels.
