This is a simple clean chart with Fibonacci - So far we have been holding $4500 quite good for the first 24 hour rejection of $5k. If we let go of $4400 - Our next target for the breakdown will be $4200 - $4000 - $3800 and full blown reversal of $3500. Since the sentiment has been good lately, and very bullish, I believe that we will not break below $4000 without a fight. I have shorted both bitcoin & LTE right before the break when buyers rejected the price and the sell off continued. Although I am bearish and still holding my short positions. It is very likely that the price will go sideways to shake rejection and start another bull run up. In which I expect another two to three rejections. This may take anywhere between 7-10 days. Breakout of $5000 can take up to two months.
So now it is looking like we are still in a bullish trend based on the weekly chart, and this can continue for another 1-2 weeks. Positions that are opened long must be over $4,500 with low quantities as your stop loss will be under the recent lows.
I expect this market to revisit the highs or get close to them. Then we will be looking to cover 75% of our positions. Ad confirmation of the break of $5000 we will look to cover for the rest of our position. And wait until we will have an opportunity to short under $5,000 for the reversal.