I don't think this chart pattern requires too much explanation - a move back to 5k (or at least 6k) is already taking place, before we move into the next "bull run". What reasoning can you come up with to dispute this being the likely situation?
Regardless, I am ultimately of a bullish outlook, as I would consider these all stepping stones on the way to a new all time high following the 2020 halving.
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We're still beautifully on target for the 5k range within the next few months. Would be great to clear out many of the under-performing alts that need to die to help the crypto space prepare for the next bull run.
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The weekly 200 moving average is the crucial level we are currently heading towards in the coming weeks. Should we make it that low, it *must* hold, or things could get ugly. As it is, a drop to the 5k level would be very healthy.