BTC is preparing for downside breakout

Morning guys,
Yesterday we've said that BTC has no fundamental or technical background for growth and force-major situations that we've got yesterday never lasts too long. Conclusion of our view on Monday was - this spike is good chance to go short at better price level.

Price action today doesn't provide us clear patterns that nuances point that BTC looks heavy. Take a look - on 30 min chart we have bearish engulfing pattern of huge size. During pullback from the top BTC has broken major 5/8 support area and was not able to return back, now any minor upside attempts are pressed by sellers.

As a result we have pennant pattern in progress, which stands more in favor of downside continuation. As a bottom line - we keep our bearish view. For more detailed discussion - visit our forum by signature link, there we put daily videos on BTC.