BTCUSD has broken out of a Bear Flag formation in early European trade and a substantial move lower is now likely:
Sellers will now try to push pair lower towards the March lows at 8400 and the confirmed bearish continuation pattern suggests further weakness below there. A break below 8400 would likely lead to a decline towards trend support above 6800.
This is really not a great development as major alts failed to gain much ground in the last rally and are now tracking BTC lower again. Hard to paint a pretty picture atm.