The bull wave that we started at the beginning of May, looks like it is approaching an end. We might reverse the trend very soon and enter into a new bear wave.
I'm staying out, will open a short if we break 9K.
It looks like we are approaching a strong resistance area, that won't be easy to break. It took us 6 trials to break it in 2018, I don't see us breaking it that easy, especially that volume is not following. (Volume divergence)
From another hand, oscillators show oversold conditions. Idea shorts area is the red rectangle one, the target is 5K. We might continue...
This is a monthly chart following the basis of trendlines of monthly lows and monthly highs, for the past 5 years. It is showing the bottom is arround the $1.3K area ... Long term target, will eventually depends on how cryptocurrencies evolve with the time and how it will react to different global events : Crisis, Legislations ... Only future will tell !