Since posting that bearish Btcoin chart back in May, price has fallen 50% or so. It now looks as if arc #4 could be underway. It'll be interesting to see what happens in the $18k-$20k region. If arc #3 (large version) is in play, we'll turn up, if arc #4 is in control, we'll drift pretty much sideways until the second half of next year, before turning up. That red support line has been important historically, acting as reliable support for the last 8 years. If that were to fail, it would give cause for some concern. These are the facts as I see them right now.