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Bitcoin has been standing in the narrow range since the beginning of April. Low volatility can signify two possible scenarios 1. Accumulation before growing 2. Distribution and starting of reversal. Let’s try to figure it out more attentively.

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I suppose It has formed two leading 1-2 1-2, which implies a sharp decline in the middle-term future or even short-term. I want to pay attention to important levels. Bitcoin has to break through 24750 and 19569. The prices are now in the important range ( drawn black).

Other technical indicators also manifest a slump.

There are divergences on the weekly chart (volume, RSI, MACD). These signals always led to collapse when there were a bearish divergence and a significant rise in the case of bullish divergence.

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The same on the daily chart:

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There are several fundamental reasons which corroborate the forecast noted above. First of all, tightening financial conditions and reducing liquidity. 

I am now waiting to break key levels that will confirm long-term decline. 

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