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This Simple Observation Shows an Intense Bitcoin Downtrend is Imminent

This Simple Observation Shows an Intense Bitcoin Downtrend is Imminent
Bitcoin has been caught within a firm bout of sideways trading over the past day, with its buyers and sellers being deadlocked within an intense battle that has left BTC’s price ranging sideways around $10,200.
Bull’s inability to extend the cryptocurrency’s momentum has led it to grow increasingly bearish, as one simple charting pattern could suggest that its recent highs will mark a mid-term top that is proceeded by an intense downtrend.
In order for this bearishness to be invalidated, it is imperative that buyers hold the crypto above a critical support level, as a break below this could lead to a violent movement down towards $7,000.
Bitcoin Begins Consolidating as Short-Term Trend Grows Unclear 
At the time of writing, Bitcoin is trading up marginally at its current price of $10,250, which marks a notable decline from recent highs of just under $10,500, and only a slight climb from lows of $10,100.
These two aforementioned prices appear to mark the upper and lower boundaries of a newly formed trading range, and which of these is decisively broken first could offer analysts and investors alike deeper insight into the crypto’s short-term trend.
In order for the incredibly firm mid-to-long term uptrend that Bitcoin is caught within to extend, it is imperative that it holds above $10,000, as a break below the five-figure price region could spark a move towards $7,000.
Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is still holding above a few key levels, but his chart does reveal that a move into the mid-$7,000 region could be inbound if bulls are unable to garner any major strength.
“BTC Shorter timeframe’s volatility aside, weekly range is holding up pretty well. Price still above: – a 200 day hold resistance – previous weekly high. Longer timeframe’s bias will remain bullish as long as it continuously closes above the range,” he explained.

Shorter timeframe's volatility aside, weekly range is holding up pretty well (
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