Bitcoin Bulls on Notice as Momentum Roll OverBitcoin / U.S. DollarFOREXCOM:BTCUSDFOREXcomBitcoin's grinding rally since late March looks at risk of breaking down with the price rolling over after failing to clear the 200DMA earlier this week, seeing it breach the intersection of uptrend and horizontal support at $79,500 on Wednesday. It’s managed to reclaim the latter during Asian trade on Thursday, but the rebound looks anything but convincing, leaving price action over the remainder of the session potentially important when it comes to directional risks. With RSI (14) at neutral levels after a period of bearish divergence earlier in May, and MACD crossing below the signal line while holding in positive territory, at the very least the oscillators suggest the momentum tide may be turning, delivering a warning to bulls that directional risks may soon shift lower. If the price closes beneath $79,500, shorts could be initiated with a tight stop above for protection, targeting $78,000 initially and the former resistance zone between $73,500-$74,500 after that. The merits of the setup would improve if the price were to close beneath Wednesday's low. While it goes against the heavy price action and warning from the oscillators, should the price continue to hold above $79,500, longs could be established with a tight stop below, targeting the 200DMA. Good luck! DS