I expect a consolidation in the nearest 30 days, possible forming a triangle. Keep in mind possible bearish scenario: going below 9000$, that's the area of weakness, and I'd close longs if price would dip below.
Volatility is decreasing and I expect a correction at this or next week. I don't think we dip much lower than 30-35% from the latest high. It would be a good area to close shorts and flip to longs between 6000$ and 7000$.
I think we are in correction phase after the last 5 waves impulse. Possible targets are 4500-5000, not only because of longs, but also for closed shorts.
There is also possible X-Y-Z double wave combo, with a slightly lower targets (4200-4500).
I think about two main scenarios.
1. Bullish breakout. Price will go up and break the trendline. Keep an eye on price action, if there will be low momentum and low volume, there could be a pullback to triangle zone.
2. Bear trap. Price will go down to knock out longs and collect more shorts. However, it won't lasts too long - maybe a couple of days. After that,...
Don't jump in too early. Watch our for a higher timeframes like 1d, 3d, 1w. Not sure about next stop. I think about two possible scenarios: touching lower trendline for 5300 and bounce up, or spike down up to ~4800 and then reversal.
Downtrend lasts almost for a 2 months, and now we can see a first two signs of reversal on 1w chart: there was no lower low and trendline has been broken.
$7300-7800 will be key levels, because of fibonnacci 0.5 line, EMA200 and trendline.
There wasn't a global trend reversal, so we are still able to see BTC below $6000 if it won't break these levels.