Short term key level is the down (log scale), if it breaks that , I'm expecting more sentiment wich coud push the price more up towards 11-12k.
Short term: right now doing a correction which should be wave 4. When we see a succesfull bounce from the area 7600-7800, we'll be heading towards the down which can act as a resistance. Forming another correction there is very likely IMHO , before we get (hopefully) a break out towards top of the flat pattern.
Once reaching the top, its decision time: either 1 more leg down or a push straight through that level towards 16k.
If we see 1 more leg down, I'm expecting a big push to the upside after that.
Not sure yet if this was the dip but for now looks promising.
If the bounce can sustain, next stop is 9k
We're nearing the long term down trend line on log scale. Could be tough fight but I still expect a break out.
We are still on track for 12k
I updating more frequent on Twitter
The correction from 10k is way stronger as I expected....Yesterdays dump made a new low which make me think that it opened a new extension to the downside. This would be an ABC correction which target area is 8100-8400. If we manage to bounce from there (=also fib 0,5 level), next leg up should be exactly in the area which I see as decision point since beginning of this thread.
Right now forming leg 4 before we start for the 5th leg.
Leg 5 could end near the trendline, bouncing off and correcting that whole cycle.
Depending on how that correction goes, we might see the start of a new cycle towards 10k, but too early to say.
Downtrend broken which indicates the start of 3rd leg
We never reached 11.8 and already failed at 10 to make that leg down as described in the OP. From that time on I've been looking for a deep move towards 4k and even past days it all looked as we were in a corrective move in a downtrend.
Looking at the last days, we notice a reversal in market sentiment and checking the Daily chart we see some strong candles wich give me the idea we're not anymore in a corrective move before more down but start of a new uptrend where 11.8k might be key level again.
First important resistance level is around 7.8. We might see some correction before cracking that level. If the price fails hard at that level, we still could do a deeper correction towards 4k but chances for that are getting smaller and smaller.
TLDR: short term key level is 7800, once cracked we can look again at 11.8k