Guys you can see 3 rejections appear on my daily chart. That blue line now work as a major resistance for bitcoin. It did also a major resistance during 2014 and 2015. You guys scroll back and check it out( I am using Bollinger bands with the length of 200 SMA. I assume if bitcoin can´t break that resistance line, it is a downtrend and my three ema period give me also a feeling of a downtrennd. I am sorry if I am being too negative but it is just how I see on my chart.
Good call with a different approach. Here are some additional observations to confirm your bear scenario that I agree with. If you notice a huge head and shoulders pattern has formed, and we've recently broken the neckline which puts the bottom at the $8500 mark. And then, that's not too far from the long-term trendline, so it may drop another few hundred to test that. Plus, that level also intersects the Elliott Wave 2 correction area. I'm thinking target price of 8k or lower.