BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
279 0 4
Bitcoin             is still in a downtrend of lower highs and lower lows on the daily chart . It appears to be an ABCDE flag pattern . At this point there is a strong possibility of at least testing for a double bottom at the C point low within the 61.8 - 78.6 retracement zone, and depending on how the market reacts on the double bottom test it could go lower to a 75% projection as labelled with 100% projection as a worst case scenario.

We need to see the market break up out of the triangle as well as the macd resistance, in impulsive fashion in order to shift our perspectives toward the bullish side of things, however as it stands now this does appear to be in a bear market.
Comment: Forgot to add, If the market can breakout above the D point before making a lower low E point it will shift my perspective.
Comment: 6k "support" is highly likely to get sliced in this environment and head to 3k zone. Sentiment is in the toilet and there are no signs of slowing things down on the downside. Stay safe.
Comment: Note: 3k apex happens around late May / early June.
- updated chart
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