A significant bearish breakdown of the parallel channel/bear flag has begun. The triple bearish divergence and decreasing volume is now playing out. As usual, we need patience to see what the follow through price action looks like. Will we see a backtest of the channel as resistance or do we break back into the channel and continue the short term uptrend? I think more likely than not, this is the beginning of the continuation of the larger bear market cycle for BTC and crypto as a whole. Remember too, there is the bullish shark pattern that needs to reach at least $10k to play out completely. No guarantee but it is certainly still in play. We will probably see significant resistance at the old December 2017 cycle top around $19,891 if we dip that far.
