Just posting this so I can come back in 4 years and say I knew.
possible short squeeze in progress, but unlikely to reverse the trend. previous sell-offs had decreasing momentum, whereas this current selloff mimics the strength of the february crash. similarly in february shorts skyrocketed during the consolidation at the previous bottom, but they could not be squeezed. target 4250 based on some very old trendline , but...
Bitcoin keeps going up while volume is decreasing. We could stay within these support and resistance levels until the fork, and then have a major correction.
Following the bounce to 6k, the fractal shows we should get a correction now.
Still struggling to break the downtrend line from ATH to 4480 to 4420. Consistent with previous bubble tops. There's a lot of uncertainty in the market right now, which would be sufficient to cause a panic dump.
Currently completing the "Return to normal" phase of the bubble.
Bitcoin is nearing the end of a speculative bubble. We've topped out at 5k and will form a double top by early to mid-october. The price will return to the long term trend around $1700. Bump and Run Reversal