It looks like and Inverse Head and Shoulders is forming. Target could be a touch on the $11700 line.
But this should first be confirmed with a breakout above the neckline.
Not sure if it will play out because there is a bearish divergence on the RSI!
We are currently still in the triangle range but in this scenario I painted what I expect to happen when it breaks downwards.
If it breaks down I expect $BTCUSD to find support at the $8000 level.
But if that doesn't hold we free-fall to $6800 and test the green and red support lines. I don't think (and hope) it will go any lower than that.
When triangle we are currently in breaks downwards it will interesting to see if the $8000 trendline holds.
If it doesn't, we are likely test the green resistance again. We may as wel test the red uptrend line at $6800.
