Bitcoin is clearly in at least a Short to midterm downtrend. We’ve had a bullish cross of the 50/200 day SMA. Do we fall through it again for a second fakeout? That would be unprecedented in the history of bitcoin. It isn’t impossible though. Bitcoin is currently following a falling wedge (which typically break up) but it also may be forming a large bull flag (red lines) which are converging trend lines (not to mention the 50 SMA will be passing this area in this falling wedge which if confirmed support is very bullish) but also makes the next move fairly ambiguous until it plays out. Either way, keep an eye on the $8400 for a breakout. If that fails, $8000 serves as a psychological support as well as the 200 day. If that fails, $7800 lines up with the base of support created back in April. Anything lower than that, then good luck and say a prayer lol.