Pattern is still intact. This is bearish for bitcoin.. but since the pattern is getting smaller and smaller.. it means it will come to an end soon. After the next double top (soft shoulder) there will be another large leg down... but that could be the last one..
If you want a bitcoin bull-run.. then you would want this leg down to only go to 6k... if it goes below that.. its very possible it could break 5k as well.. which could leave room for this pattern to continue.
The chances is bitcoin breaking the pattern at the top here.. is very unlikely. 8k is a huge resistance that I do not see BTC breaking at this current time.
Hold on to your butts.. this is going to be a bumpy ride.
Today's run-down exceeds is deeper than one could expect and does not match your patterns nicely. Let's see how it goes, thanks for a post.
zupe891
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@vaidas911, True, we may be breaking trend here. Which would be a very bad sign for bitcoin. We could still see a run up here to get create the soft shoulder but it is not looking likely. This proves how weak bitcoin is at the moment. I am still expecting a bounce off of 6k.. but I do not see 6k holding for very long.