Bitcoin (BTC) Price Watch: Downtrend Continuation or Reversal?

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Bitcoin Price Key HighlightsBitcoin price continues to trend lower as it hit a roadblock at the top of its descending channel.Price could be setting its sights back on the support from here and the Fib extension tool shows the next support zones.Technical indicators also signal that a continuation of the selloff is likely in order.Bitcoin price hit resistance at the top of its descending channel and a continuation of the downtrend could ensue from here.Technical Indicators SignalsThe 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The 100 SMA is also near the top of the descending channel to add to its strength as a ceiling in the event of another pop higher.RSI is also on the move down so bitcoin price could follow suit until