BTCUSD Warning Signs: Multiple Supports Flip to Heavy ResistanceBitcoin / U.S. dollarBITSTAMP:BTCUSDExpert_Travis 1. The Broad Structure: Trendline Breakout Ascending Channel / Wedges: From February through May, Bitcoin was trading within an upward-sloping trend channel, forming higher highs and higher lows. The First Breakout: In early June, the price broke down aggressively below the lower supporting trendline. This marked a major shift in market character from bullish to bearish. 2. Support Turned Resistance (SBR) Zones The analyst has highlighted two key horizontal price shelves labeled SBR 1 and SBR 2 (Support Become Resistance): SBR 1 (approx. $65,500 – $66,500): This area acted as a reliable floor during March and April. Once the trendline broke in June, the price fell straight through this level. SBR 2 (approx. $61,500 – $62,500): A secondary support zone that previously held the lows in February and April. 3. The Bearish Continuation: Head & Shoulders Following the initial crash in June, the market attempted a relief rally, which formed a textbook Head & Shoulders (H&S) distribution pattern right under the old support zones: Left Shoulder & Head: Formed as the price tried to reclaim the SBR 1 zone but failed, validating it as strong overhead resistance. Right Shoulder: A lower peak that ran directly into the HTF FVG (Higher Time Frame Fair Value Gap) resistance zone around $72,000 before reversing. The Second Breakout: The "neckline" of this H&S pattern aligned closely with SBR 2. The chart points out a second major Breakout where the price snapped below this line. 4. Current Market Position & Outlook Descending Channel: Bitcoin is currently trapped in a steep, downward-sloping red channel. Current Price: The price is hovering around $60,328, trading below both major SBR zones. Projected Path: The white projection line suggests further downside momentum within the red channel, targeting the mid-to-low $50,000s before a potential bottom or deeper consolidation. Summary The chart paints a strictly bearish narrative. The bulls failed to hold major historical support zones, and the market has validated those old floors as new ceilings. Until BTC can break out of the descending red channel and reclaim SBR 2, the path of least resistance remains down.