Here's some detail of the sideways Trading Range that has formed on BTC/USD, in my eyes this started prior to the high, you can see Phase A - Stopping Action taking place with the BCX, AR and ST.
This is marked out as a potential Distribution, this is not yet confirmed but definately has the leading bias for now. A failure of this potential Distribution on pullback at Backup to the Ice may see price reenter the sideways range further and this current plunge low may yet become a potential Terminal Shakeout in a Reaccumulation, however for now the break of stride (Trend) and close below any previous low of the Trading Range puts a potential Major Sign of Weakness in place, to be confirmed with successful Back Up To Ice followed by Mark Down.
I'm not personally invested in any Crypto (wish I'd taken @mouse 's advice at around $300 earlier in STT thread) but have watched mainly this chart with some fascination, it's a great learning experience for TA watching all the emotion play out so publicly, i do have a conservative outlook and therefore naturally question the current motives of those who bought $12m of BTC back in 2012/13.
Cheers
