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Is Bitcoin going to be around in the long-term? The answer to that question is above my pay grade. I will leave it up to others much smarter than me to get involved in that debate.
From a purely technical perspective, Cyber currency Bitcoin looks to be creating a “Descending Triangle” pattern. This pattern two-thirds of the time, results in lower prices. The size of the decline, “after” support is broken (support is still in place) is the size of the descending triangle (from top to bottom).
Should support break, this pattern is suggesting that sellers will step forward and push Bitcoin to much lower levels. One third of the time, this pattern results in a breakout to the upside.
Lets revisit this pattern in a few weeks/months to see where it stands!