BTC has broken down past the 0.618 and 0.65 region, and is continuing within the descending wedge.
Technical reasons to be bullish
It is unlikely that BTC will break down past the 7K region as many traders will have there buys ready at these levels of confluent support, including the 0.782 region(7,151) The peak of wave one(7,400, where we are currently). Further to this a large volume spike can be seen on the 4H indicating the bulls are returning. Lastly, Under this current count a,b,c,d,e this may be the last leg downwards.
Further updates of bearish views will be posted shortly.
HOW to not get bull trapped. Using this BTC descending triangle example.
3 main indicators hinted that this was a Bull Trap
Firstly, the lack in volume
Secondly, the shooting star candlestick formations
Thirdly, RSI resistance trend line, 60 RSI resistance(bearish regions) and a lower high in RSI