BTC retesting $7200. Pray long term baseline support holds.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Double top formed perfect "M" formation with textbook 20% dip in between peaks. Both peaks are well within 4% of each other. A temporary pullback occurs when bulls try to push higher despite staring an M straight in the face. It's a similar concept to an inverse cup and handle formation. There's some support around $8,300 however a retest of $7,200 appears likely to happen. The solid red line is a long term baseline support using 3 points. If the market wasn't fragile enough already, it'd be devastating if Bitcoin breaks below this support... whether it's in the next few days or in the coming weeks. It's the last and longest running baseline support. If lost be prepared for new lows and months of uncertainty until a new baseline is established. The 50MA and 200MA are converging and that's a bearish sign when the 50MA dips below the 200MA. Upper channel and baseline support are forming a symmetrical triangle and looks to come to a head at the Fib's 1 / $8300. This is significant because if it breaks downwards, say goodbye to baseline support.
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