Bitcoin and the crypto market has had several "funerals" before, where pundits would scoff at the idea, call it a pyramid scheme, and basically calling bitcoin investors either scammers or suckers. In fact, we recently heard such narrative before price rebounded from around $5800 to $6800. But now, we area likely going to see another bearish swing that might get down to the $5000, and we should get ready for more obituaries. BTC/USD 4H Chart (click to enlarge) Bearish Continuation The 4H chart shows a bearish market, that has been consistently breaking consolidation patterns and continuing the recent bearish trend. This week, price broke below the rising wedge pattern, which signals more downside, or at least a challenge of the $5800 area, the June-low.If price rebounds sharply from here $6100 and pushes above $6500, THEN we could seeing an inverted head and shoulders pattern. This is the scenario that would keep the bullish reversal outlook alive. Otherwise, we are still in a bearish mode, and might even see price push below the June-lows. Support The daily chart below shows how 2018 has been essentially been a year where the 2017 hype has been deflating. Now, as price approaches $5000, bitcoin would be back at the levels right before the 2017 China and Jamie Dimon "FUD". Basically, at the time, China was "banning" bitcoin, followed by Jamie Dimon calling bitcoin a 'fraud'. (FUD = Fear Uncertainty and Doubt)China is shutting down domestic Bitcoin exchanges (The Verge)Jamie Dimon Slams Bitcoin as a 'Fraud' (Bloomberg)There was a 40% dip from $5000 after this, but price rebounded from $3000.. Next thing you know (without any significant corrections, bitcoin came up to around $20,000.Because $5000 marked a key pivot of resistance that was wiped out in 2017, it would be interesting now to monitor it as a support. BTC/USD Daily Chart (click to enlarge) From CoinPowR