If we dont see any major manipulation today, we are on the 4th wave as of this writing, I dont typically chart Poloniex for this as the volume is not to my liking for accuracy, but Poloniex has seen some massive interest in BCH.
Our weekly Tom Demark sequential count is almost at exhaustion, however BTC is a bullish animal by nature.
I am seeing Bearish divergences on multiple indicators, below is the 4 hour MACD and RSI
The 1 hour MACD and RSI
It is important to look for significant support that might impede the falling momentum. Check if a critical support exists between the head and shoulders pattern and the target before trading. (In this trade we have two, roughly 7941 and 7895.)