But take care, FOMO might build up and make us fall lower (I don't think we could go lower than the blue uptrend line tho). But if it will happen, then this is a 12345 pattern that could send us below $5000, even crash.
For now however, the on the should reach the bottom (about -3.5 in value) and reverse to , reach a value below -200 and below 30; this would be in about 1 day or two, an signal a minimum folowed by at least a weak cycle. Look for signals on the 2h chart where a minor cycle should start now; the daily minimum I suppose will happen at the next minor cycle.
Now we have RSI in the overbought zone (which should be a "sell" signal), soon to be confirmed by CCI (climbing to the positive range above the stable trend zone), but invalidated by the stochastic RSI which is in the oversold range crssing bullish.
So, I've traced the new circles; might not be entirely correct because the support circle can equally be the 0.238 red circle or the 0.736 blue circle (the patterns fit well in both). But no matter what, I expect a new bullish push because of the stoch RSI, but no so high (I don't think it can climb above $6500-6600) because of the overbought RSI. This will generate such a bear pressure that I think we are going to drop hard after. The big bear flag is not going to be invalidated. But let's wait and see, bitcoin can be full of surprises.
And as daily, stoch RSI actually looks like overbought and about to make a bearish cross, and the other indicators have all the conditions to go down on all time frames. I think in order to claim a bullish trend we now need that RSI and stoch RSI make a bottom on the daily chart; only then the 2h chart signals can be taken into account. Hard to tell how deep we should go, the big flag target is still $5200 but I am not sure we can exit the range mode and do that right now.
The bullish case is that we're in the 5th wave of a 12345 uptrend. This wave would have retraced from 0.382 fib level of wave 3, overlapping wave 1, so should be diagonal. The 2h chart stochastic RSI has just started a new minor bullish cycle, so it's possible. However, as diagonal, it should retrace at $6700-ish, so taking profit should be the best thing soon.
The bearish case is suggested by a bear cycle started on the daily chart stoch RSI, combined with hidden bearish divergence in the last days on CMF and RSI, and bearish harami daily candlestick pattern formed yesterday. On the 2h chart, this should mean this wave is wave 2 of a 12345 minor downward impulse; only a correction. If so, we are headed lower and stop losses should begin to fall later this week.
Therefore I should think no leverage and securing profits is the best option for now, cause in any case we should have to go lower eventually.
Update is here: