Its starting to look like this could be a big correction. This drop could go down to $5000 or below. I seriously think this could be a significant drop we are going to see. Its already around $5700 and there arent many people buying Bitcoins right now on the exchanges. The funny thing is that most other coins are dropping too, so the only place to transfer you money is fiat or USDT.
Things aren't looking great. In technical terms, we have a classic Bollinger Band double top on the daily chart,
as pointed out by John Bollinger himself this morning. Given the way we have dumped day after day into the previous flag, I think there is a good chance he is right and there is further correction ahead.
We tagged the daily 20MA and bulls reacted well, so I think we are due a solid bounce. But it's probably prudent to expect further downside, especially given that Segwit2x seems to be moving forward, with Coinbase and Gemini both confirming within the last day that they will call the miner's chain "BTC."