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BTC looks set to test the rising trendline support of $17,500 in the next 12 hours. However, the support might hold, since the dips below the upward sloping 10-day MA ($17,756) are likely to be short-lived. Furthermore, a pullback in alternative currencies could take the pressure off bitcoin.

However, a close (as per UTC) below $17,500 would add confirm the bearish hanging-man reversal and bearish RSI divergence. As history shows, bitcoin has suffered major corrections following confirmation of the bearish RSI divergence.

Hence, a close below $17,500 could potentially yield a decline to $13,500 (Dec. 12 low).

On the other hand, a move above the 5-day MA ($18,822) in the next few hours could put a return to $20,000 back on the table.