I’m not calling a direction although there’s a chance we can reverse here based on some of the long term support lines. Symmetric triangles are ambiguous anyway and we can see them all over the chart!
The bounce from $6k a couple months ago gave us a .382 retrace and a chance to get above the kumo before it switched bearish. Sadly with the double top reversal, we saw the bearish kumo grow extraordinarily large, giving us a huge resistance zone to deal with before we can see a true reversal.
I expect a resolution is coming very soon, right after tax time (if that really even matters).
If we break upwards to test that .382 area (~$11k) let’s expect a flurry of fabricated (or real) news to coincidentally drop at that time and want to look at that for further guidance. That being said, I’m excited for lightning network and am doing my part by running a node 🙂
If we break downwards, there are many more support lines to be tested and examined between here and the line from about 1 year ago when we were at ~$1k, so I would expect some small sharp drops when those lines are broken in smaller timeframes, but have the candles come back in line to ultimately look more like a slow bleed on the 240 or daily.