It looks very bearish still for Bitcoin going forward. 

I think there may still be some legs to bitcoin that sends it back into the $12,000 area, but eventually, the crypto-currency is going to fall all over itself (again).

My last two projections have been deadly accurate, despite plenty of people mocking me along the way, but I'm pretty sure they are not laughing now. 

Here are the last two posts I've made on bitcoin:

Bitcoin Projection #1

Bitcoint Projection #2

Support was found right at the price point. 

Now I expect that we will drop further this time, down to $5500, which would be a little bit lower than the previous sell-off lows of $5,968

So don't marry yourself to Bitcoin, I know a lot of hopes and dreams are buried into this crypto's success, but the market doesn't care about your desires, in fact, if you don't follow what the market wants to do, it will eventually destroy those dreams. 

Here's my update. I have no position in bitcoin, nor have I ever held a position in a cryptocurrency, I am just a student of the market and one who enjoys mapping out the technicals of all the markets. 

(Click on image to enlarge)