The failure to form a new higher high is just one of many warning signs that Bitcoin
bulls are running out of steam, and the bears are gaining strength. While the channel is still very well intact, this formation indicates that the support level
of the channel is weakening and I would probably consider it a bull trap. On a weekly chart this looming correction is even more obvious. A healthy correction would be to test the previous high which is ~$1300 and this also happens to be just about the level of the 200 day MA which as anyone who has any real technical experience will tell you is a very important support level
in bull markets and must be testest ever so often to maintain the primary trend and pop bubbles. Right now BTC
has found support on the 50 day MA but failed to bounce off it with any real buying pressure. Not to mention, there is a MAJOR BEARISH
Divergence showing in the RSI
. A correction is needed and looming.
Good Luck I've been short from 2500 but this is just as good. If a HH forms obv close a short but I seriously doubt that.