BTC needs to go down to approx. $8.5k before resuming uptrend

Short for short term, long for long term.

Inverse head and shoulder target ($8.87k)
CME gap (around $8.6k)
0.5 retracement from last top (8.34k)
weekly 200 MA (around $8.2k)
POC of VPVR since mid-May ($7.94k)
O.618 fib retracement from ATH ($7.86k)

All this points to a price trending to about $8.5k before being able to go up again.
This would actually be healthy and would be compatible with a redesigned parabola drawn in red.

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All comments welcome :)

Comment:

Recent bounce does not invalidate analysis : still in descending channel

Trade active:

Broke out of descending channel.
However some of the reasons for the initial target are not yet invalidated.

Trade closed manually:

iH&S pattern has invalidated idea

Comment: