We have this clear descending triangle. My outlook has been short on BTC for a while now. This does not mean I short BTC. It means I believe it will go lower. Though technically it can be argued that the odds are that we will break down (go lower) from this pattern (descending triangle), I will switch to neutral. Before the end of the year direction will be clear. So, why take a chance. I'll switch my outlook on BTC once it comes out of the descending triangle.
I'll have more to say on the subject in few days, but now I'll say that, in my view, a much better indicator of capitulation is volume! (vs price action). Now, often times you get both simultaneously. That, falling-knife price action and a spike in volume? Is this the case? hummmm don't have enough time to go into it right now. Check back in a few days.
in the mean time, we might get a bounce but, be careful out there, Bears are out for blood!