Bitcoin is forming a bearish pennant. You can identify a bearish pennant by the sharp drop into the flag. Bitcoin is looking weak at the moment, if it can't hold 55k and keeps closing below 55k it would not surprise me if we expierence another drop to the 50k area.
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Bitcoin broke out below the pennant and also closed below the 55k. I took some of my profits. We can get a rejection if it tries to go back up again into the pennant.
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Bitcoin is trying to enter the pennant, if its breaks through 56k I am entering again.
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Bought back at 55K I have weak buy hands ;/ but also at 51K ;D. My buy target was around 50K. It could drop lower but you can't really know where exactly the bottom will be of this dip. Technical target price bottom is around 47k were heavy support is.