Bitcoin USD; BTCUSD forming a base? or selling off further

Bitcoin Daily candles are forming a base for the remainder of the year is my gut reading. Price remaining within the range of $397 to the topside and $346 on the bottomside will formulate strong foundation for bullish behavior after the New year. I believe the basing will consume the time through December 25/ end of year. I see an extremely strong point of energy marked on that day which could signify the beginning of the bulls buying. Conversely, a break and close of $346 by December 25 could be the beginning of a large sell off to $161.oo