As you see on this chart (zoom out necessary), Bitcoin has a repetitive history with triple bottoms which entails a 4th touch of death when it touches a 4th time (red ribbon). This happened at least 5 times in the past (see squares and red ribbon). Chances that this happens again now are extremely high. Any weakness below 220 will reactivate this doom scenario with a washout ranging between $100 to $150 drops. This is currently in progress on as Bitfinex is hovering at 216 at the moment this is being published.
4th touch of the purple - drop targets:
1st target: $160-180 area
2nd target: $123-108 per bitcoin (best area to buy in - highly likely to be reached)
3rd target: A wick to $68
The new floor/support for bitcoin will be eventually: $110-115
As always use caution when trading BTC and be smart about your entries. good luck!
Bitfinex Signup: https://www.bitfinex.com/?refcode=355QQTAC0A