This is starting to look like one massive falling wedge , for which Bitcoin is famous for. Although it is a bullish pattern , the last one we found ourselves in during the summer of 2015, failed miserably (with a Bitfinex stop run below $200). This time around I tend to be an optimist, expecting a great buying opportunity between $300 - $320. Of course I assume there will be a significant amount of chop and and squeezing within this wedge .
After this drop, we just formed another huge triangle. Falling wedge scenario still in play.
Although the larger falling wedge idea is still in play, it appears a smaller falling wedge is playing out right now. Please see the dotted line in the above chart.
Trade closed manually:
The falling wedge in this form, is failing. Trade closed.