We can see the recent spike in price was BTC starting to complete the structure for a bear flag, which should create a perfect target straight back down for a 100% retrace of our recent rally. The flag pole goes perfectly to our recent bottom. It will no doubt bouce heavily from there assuming we have all the indicators matching these targets back around $3100-$3200. Volume is currently declining and the demand is for cheaper BTC. These moves even perfectly match with ETH's current bear pennant structure. Both look like they want to double bottom. Always be on the look out for price spikes and sell offs...focus on volume, indicators, and don't get too excited until you see that VOLUME. Now we may bounce at $3100-$3200 for some nice gains, but that does NOT mean we are finished going down further. We wait and see how markets respond as these events take place. Now, this idea could be invalidated which is why I sit back and due nothing until confluences start to happen. Good luck all!
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The Capitulation probabilities are there for BTC to head to $1800-$2000 ranges, no doubt based on the gigantic bear pennant BTC has formed. Remember, there is always money to be made regardless of how low BTC goes...just be ready and watch those indicators.
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