I'm glad someone else called it a descending triangle but its not always certain the outcome even if the pattern is recognizable, we just get some forewarning of the likely possibilities.
Including the possibility of a "false breakout." I was on the lookout for this possibility before yesterday's selloff:
Just watch out for a classic head-hake first. Shorts are rising but still unimpressive, and longs keep piling on. Bulls don't seem ready to break out either. I wouldn't be surprised to see a shakeout like this first before snapping back up like a rubber band:
http://thepatternsite.com/st.html
http://thepatternsite.com/st.html
Further downside below $8K is possible, and even likely, but I believe it will be pretty short lived. That's usually the case in the latest phases of accumulation schematics.
Interestingly, in Elliot Wave, Bitcoin's chart wouldn't have been deemed a triangle at all.