BTC has gone down significantly from monthly consolidation zone and distribution phase is still intact. Looks like price is moving towards previous breakout zone $1,125. Distribution time remains valid until 1st August (cautious period). If current monthly bar reaches $1,125 then chances for a sharp bounce increases. Based on how bar is moving looks like momentum has slowed down. If current monthly bar closes below $2,900 then we need to remain cautious. If it closes above $4,400 then temporary uptrend begins. If it clears the downtrend line then a strong resistance zone exists at $5,800-$6,400. After that monthly consolidation zone $7000 exists. If it crosses all of that then I can be confident about long term uptrend.
Disclaimer: This is just my opinion, not an advice. Trade at your own risk.
Disclaimer: This is just my opinion, not an advice. Trade at your own risk.