I have no clue when it comes to the likeliness of this drawing aligning with any future outcomes. I added some notes of my observations, for where we may be heading short term- on route to complete a medium term recovery (1-3 months). I applied some Elliot wave theory and fib retracements to further accredit trends and observations made from normal TA and patterns. It looks like bitcoin is starting to lose its bearish sentiment as seen by the broken resistance and double bottom reversal. This past pump had an extremely evident bullish divergence on the daily chart which was a strong indicator that a powerful reversal was likely. However, I don't think we are close to a bull market when considering bitcoins past value cycles, but we're getting closer to being able to say that we broke out of the free fall of sell offs. So for the next month I can see bitcoin best case scenario tapping 5300 before welcomed with a deserving correction, and worst case scenario I can see it dipping down to the 3100 level. Anything less than 3,000 in the next 3 months and I will pull out to re-enter at another sign of a reversal.
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Not sure why it came out distorted, but you can adjust the pricing bar and zoom to fit the chart
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correction ended up tapping the 4100 support