So far on the downtrend from 20k, we have had a series of 3 bearish pennants
form. The first two were textbook and led to nice continuations downward. We are now nearing the end of the 3rd bearish pennant
. If this pattern plays out as expected, prices should remain capped near 14k
(bitfinex/binance feeds). On the downside, I'm looking for a solid break of 13k
to confirm that this pattern is going to turn into a continuation downward. Price is barely remaining supported by the moving averages on the hourly chart, and they are starting to consolidate to indicate an impending breakout. We will almost certainly see a test of 10k if it breaks downward, and it looks like price should remain supported near 8k after that.