This will not be a popular opinion, but I do believe we just popped the bubble. We are at the very top of the channel. We see an insane amount of that is now decreasing. is slowly coming back down. indicates behavior.
On a sentiment analysis, I think we are in the denial phase. People don't want to see things as they are. They scream "crypto is going mainstream, we are early adopters!". The fact is less than 10% people own crypto and it almost touched 1 trillions $ market valuation.
Looking at the chart, we tested the short-term support for a while and broke it (green line). Major sell off occured.
We are currently bouncing on the mid-term support, which I doubt will hold (yellow line).
Once that line is broken, fear will start to set in. We may bounce a bit around the 5k mark which is a psychological barrier for most.
I'll probably reenter the market for my longs once we touch the red line. Until then it is a bear market so I'll short the .
I expect a rally to the middle of the downward channel which is about 10500 USD. Then we should reevaluate.
I which I knew how to add pictures but I don't.