In such scenario we can resume downtrend easily from here after a brief consolidation.
Looking at the monthly chart, BTC is open to all options. That is - even continuation to the downside.
The impulsiveness of this really is not a good thing for a potential recovery. Markets don't transition that easily from mode to uber-parabola mode.
8500 is really critical level, as it could negate this scenario. That's why i think we already topped out.
This way big players, can technically still have an option to continue the bear market and charts would be still technically correct.
On lower intervals. We also got first H4 close below last higher low. Indicating break of market structure and incoming corrective impulse to downside.
Overall, long term market is still open to bearish scenario. Unless 8500 is taken out, however break of in market structure is suggesting this is unlikely for now.
This is part of distribution that is common across bitcoin.
The top wont be taken - and i'm saying this with high degree of certainity, as i have seen this stuff over and over again.
Still keepying an eye on watching monthly + 3D + 1D close.
That would mean scenario is back in.
The timing is no coincidence.
Congratulation to smart-money if this happens, you still pull stuff that noone can expect ;)
Idea invalidated and finalized