I'm inclined to think moon otherwise I wouldn't be here.
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Breakdown has started...
Expect further capitulation dump. Most likely until it taps the middle of the linear regression channel. Then we'll see some consolidation. Depending on how this consolidation looks it will show hints that the world is not ready for Bitcoin or it will herald the start of a new parabolic rise.
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This is a possible bounce area, we were not able to weekly close below this long term trend line so it leads me to believe we can do a relief rally up to 5.5-5.8k then further doom until the middle liner regression channel has been tapped.
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Strong reversal follow through move today after a massive dump it was bound to have some relief, will be taking long profits on the way up. I Will attempt a short at $4750 with a stop a bit above that. If that fails i'll try again at 5.4k. We should retest the lows in some way at the very least eventually. It might take a few weeks or even happen early next year. Possible double bottom at 3.6k but I believe the more probable move is down lower to 2.6k. We cannot rule out the possibility of 1K either as it was the prior bubbles ATH which Bitcoin likes to retest.
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The bounce ended up being quite weak, only topped off at 4.4k showing inherent weakness in the market but we're at a point where I'd stop playing short and use a Dollar-Cost-Average multi ladder buy system for now that we're near a local bottom. The further down we go the riskier it becomes as it starts questioning the long term growth trend chart of Bitcoin, you should only use capital that you're willing to let go to 0 as if it was a lotto ticket ($0 or moon). My buy ladder entries are 3.2k down to 2.6k then I won't start deploying anymore buys until 1.3k.
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To expand upon the prior comment about weakness I'll show you how we're already looking a lot weaker than 2014-2015's crash. It does not look like a major bottom is forming (local bottom is quite possible) but we're already at about equal drawdown that of in 2015.