Carnage as BTC Symmetrical Triangle Breaks Down

BTC broke below the 7100 support line on its 17-week consolidation in a textbook symmetrical triangle. Symmetrical triangles are dominantly a continuation pattern; however, they can also be a reversal. The breakdown suggests BTC may be in for a lot more pain as the bear trend continues.

Bull case: Symmetrical triangles can become "busted" where support breaks but the bulls manage to press the price into and above the trend channel. This is not as common in bear cycles and is very uncommon if the price drops below 10% from support break (6400 area).
There is a possibility of a triple bottom around the low 6000s, which would also be the range for a busted symmetrical triangle revival.
Noteably, the RSI is barely touching the oversold range on the daily chart. BTC has a recent track record of bouncing quickly on oversold RSI. I caution that in a prolonged bear trend like in 2014, the RSI stayed oversold at lower levels and for longer.

I would not bet the farm on a miracle here. A break below 6400 will likely mean a more significant price drop.