The market is still in the corrective wave (4), which means that there is still a wave (5) to be done.. Nevertheless, the wave (4) must end first.
Reverse from the level of $ 11,150 and break of the level of $ 12,450 means a longer and more extended horizontal wave correction (4) in progress.
Now there is time for a correction in sub-wave (4) and then a final push down.
The wave (B) high was set exactly at 38% Fibo and the market dropped in the next five waves to $ 10.028. In order to continue the decrease in an impulsive way, the price cannot now break the level of local resistance at $ 11,100.
The option for a new low is still possible as well.
Watch $13,052 level for a breakout.
Two inner sub-waves remained to the end of the wedge. The target for falls is the level of $ 8,600.
My 4 hr chart is telling me that the high wick of a candle touched 11,370 about 8 hours ago. So your 11,000 has been pierced. However, that might not qualify as a new trend. What level of trading & time frames do you consider the criteria needs to adhere to in order to consider a fresh trend is in play? Some people say you need consistent trading above or below a particular mark. Well, you can have consistent trading on a 15 minute chart that has no bearing on a daily chart. Your thoughts?
Since lots of volume was withdrawn, price bounced off at 9.5K to now dance with 10K and the big money still needs to come, I believe price will go up.
Right now there is an obvious demand zone around 9K-10k absorbing (still) panic sellers.
the optimists buyers are pushed back at the the 12K zone.
It's not the time to trade now, but wait. unless you love swingtrading between this zone.
If price drops below 8K go short.
If price goes above 14.5K go long