In this chart, we can see the daily setup, which shows price can take a 26% hit; the 2 week chart, where we have observed the recent uptrend's progress, if analyzed from the 2015 low, which implies price will retrace significantly, since it has exhausted the upside it allowed for in this timeframe; and the 2 month chart, which helps us see the big picture trends in BTCUSD . Currently, the 2m chart target is 3372.99, which might sound crazy but is within the confines of possibility, without being overly optimistic.
I'm currently short, and waiting to cover and flip long once safe. Upside risk is likely 4-5%, and potential downside from here is 25%, so, this gives us a 5R profit if the trade evolves well. Once the short target is hit, we'll look to flip long, risking part of our profit to do so.
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.