BTCUSD - Bearish Scenario

Bitcoin has broken the ascending trend line that acted as the support, and is now retesting it. After the retest we expect a fall in price to our first support level $19,800. If the support fails to hold there is a possibility of further drop in price to the intersecting strong support lines (area of interest) around $12,300. December 31st (end of year) is an important date to note.

See: Bigger picture of Weekly TF on the comments section

Over the last few weeks bitcoin has been trading inside a horizontal range and has now approached the resistance of the horizontal range. If price breaks the resistance (and closes above $43,000) of the horizontal trading range, this will invalidate our bearish sentiment.