BTC has been forming a pennant pattern for the last 10 days. Pennants are continuation patterns which generally breakout in the direction of the overall trend. If this holds true it would indicate that there is more downside for BTC. How low will BTC go? I still think the $8000 area is very possible.
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BTC has broken down from the pennant pattern, I still think $8000 is possible or even lower, I would be surprised if BTC dropped another 50% from here but you never know.