If $BTC breaks down from this descending triangle, we WILL see it hit $8,500 in the next few days. If it breaks north of this triangle, we could see it run to $12,000. I put the odds at 25% going to $12,000 and 75% going to $8,500.
Trade active:
We've broke through the top of the descending triangle. I'd like to see 2 4 hour closes above the triangle before I set a long position up to $12k range. I think we might see a drop back down to $9600 (top of the triangle) and then a bounce back up. If it breaks through the top and descends down, we could see a steep fall towards the $8500 level.