Looking at the long-term price action of Bitcoin , it is seen that BTC's structure develops within a huge contracting .
* Bears have started pushing the price down after a failed attempt of Bulls to retest on a quick march the all-time-high BTC levels.
* After that, the price has formed the local top at $13,800, through which the descending was then possible to be drawn.
* Technically, the long-term picture of Bitcoin's price action looks like it is clenched inside the long-term contracting triangle, descending from the peak of the late'2017 through the local top of Mid'2019.
* As long as Bitcoin is trading above the long-term Midline ($5,800 - $6,200), the market remains in the Mode.
* Even if the price declines further to the Midline Support around $6,000, we can expect the market to retain this level with great probability.
* In the worst case scenario, the price can hit $5,000, but only in the short-run = drawing 1M or 1W tails, as a result.
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