In the event that this chart breaks $13,000 and proceeds to consolidate below $13K, I would be more convinced of a deeper selloff. That is not to say that it couldn't just collapse to $10k without any kind of subsequent bearish structure; it definitely could.
That said, we also see price caught "awkwardly" between the top of a longer term 12-Year structure, and the bottom of a newly formed - post-covid "recovery market". So the question becomes, how strong / weak is it?
In my current "view", as per the chart, the bullish case would be a corrective move back to previous highs, followed by another pullback into a sideways move, before continuing higher.
This would all have to be substantiated by price obviously. I understand I am overlooking a lot. Hope you appreciate the "view".
Be well! God bless!
That said, we also see price caught "awkwardly" between the top of a longer term 12-Year structure, and the bottom of a newly formed - post-covid "recovery market". So the question becomes, how strong / weak is it?
In my current "view", as per the chart, the bullish case would be a corrective move back to previous highs, followed by another pullback into a sideways move, before continuing higher.
This would all have to be substantiated by price obviously. I understand I am overlooking a lot. Hope you appreciate the "view".
Be well! God bless!
