Bitcoin Looking Bearish Short Term

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This is the 4 hour chart for XBT.

We have seen bitcoin trade within a long term channel marked by the orange trendlines, and channels within the bigger channel.

We have seen a head and shoulders formation, with RSI decreasing and a potential deadcross on the MACD.

Even zoomed out on the weekly, there seems to be a lot of room for us to correct back down after a crazy parabolic movement we have witnessed a few weeks ago.

We could potentially test 8k regions in the coming weeks.

Trade safe.