BTC must break previous high, if we go lower from 8400 now (which I think will happen), then we have created a higher low, and it will still be bearish.
If we have another drop, I do think this will be the worst one yet, taking us well below $6000. I could be wrong though because lot of wise guys are predicting about $15,000 by October.
The thing is, Vegas has prop bets for Bitcoin now, and based on the payout odds, 5-10k is where they think BTC will be at by EOY.
Enjoy my thoughts to anyone still looking at this.