Bearish continuation pattern in Bitcoin

Bitcoin is looking overall weak and done so over the last few weeks as it constantly seems to struggle with overcoming the resistance levels above.

It is currently forming a bearish continuation triangle. If Bitcoin breaks out to the downside, which has a 70% chance of happening, then the technical target for this formation alone stands at $50,500. This does, however, by no account mean that the price cannot continue down further. That C-wave that we discussed last week is still very much in play.

With that said, Bitcoin can still recover from this fairly scot-free as its pivotal tops and bottoms are still increasingly high.