As you can see, price returned to the range. Most indicators turned south and since volume has been dropping ever since the sell off in early March, things aren't looking very rosy. Does that mean there is no upside at all? No glimmer of hopium? Are we, in fact, all going to die?
To me it isn't particularly bearish or negative if we correct here, fill the CME gap, maybe even continue to the bottom of the range (6K) before we move on up. And yes, there is even a scenario where we go below 3K. Personally, I would love that because that would mean the rebound from that correction is much higher than if we go up from here (worst case scenario) or even after we corrected to 6K again.
Short term we may bounce, but longer term I would not be overly optimistic.
To me it isn't particularly bearish or negative if we correct here, fill the CME gap, maybe even continue to the bottom of the range (6K) before we move on up. And yes, there is even a scenario where we go below 3K. Personally, I would love that because that would mean the rebound from that correction is much higher than if we go up from here (worst case scenario) or even after we corrected to 6K again.
Short term we may bounce, but longer term I would not be overly optimistic.