If the previous movement through the Macro Upward trend represented by the purple lines is any indicator of future movement, we should range between $10,240 and $12,860.
However, as we move up, we are being pushed out of this macro range as we approach the larger macro range a bit faster than is healthy. As euphoria escalates in tandem with greedy longs, strong hands made via hard work and accumulation decrease, hedging to reduce risk and exposure. A break out of the purple channel, that 30% correction everyone seems to be waiting for, looks to be answered from a hard reject around ~$13.1, sending us down to ~$9.3.
However, as we move up, we are being pushed out of this macro range as we approach the larger macro range a bit faster than is healthy. As euphoria escalates in tandem with greedy longs, strong hands made via hard work and accumulation decrease, hedging to reduce risk and exposure. A break out of the purple channel, that 30% correction everyone seems to be waiting for, looks to be answered from a hard reject around ~$13.1, sending us down to ~$9.3.