Bitcoin has clearly broken down from the bearish pennant, as the bottom trend-line has failed to hold. Currently has support at the 4H 50MA. We need to see if this holds, else we go back down w.r.t the overall bearish trend. If this support fails, I will be opening a short position.
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Not only did the 1st support break, XBT also broke below the psych barrier of 8,000. Patterns never lie, and the bearish pennant held true due to lack of buying pressure. Currently at 7,900 and I see us dropping further below. We may bounce up and sideways for a while, but the downtrend is still active.