Bitcoin fell sharply on the news that NY prosecutors have accused the Bitfinex exchange of covering $850 million loss using Tether funds generating a sell-off in the market. This lead to Bitcoin dropping as low as $5057 and we now see a head and shoulders pattern potentially forming. A head and shoulders pattern would indicate a reversal of the recent short term uptrend and we will therefore be closely monitoring the Fibonnaci support level around $5200.