BTCUSD is currently breaking down from the descending triangle with a 12H close outside of the structure and 55 EMA. Volume is increasing while selling pressure mounts with all oscillators moving downwards. RSI is entering the bear control zone and can close in it with the next 12H close. HVP is also expanding with this breakout implying the move downward is likely to continue. Measured move from the triangle would directly have us at the 26k support. However there is still the possibility for us to go lower as a CME gap is within reach of that support. The CME gap is marked off with the green box and would be a decent opportunity for a long term long position.
