I like the buying down there so I expect Bitcoin has a good chance to come up and retest the orange line. Then we see if Bitcoin can break it and start moving back up.
A series of small bumps that form a would be . I'm hoping we stay away from $12500.
At this point, you are just hoping it stops and reverse. I just think that people rode the big wave down from $20k to $12k. it was scary. Now its dropping again. Fear can take hold and keep people from buying the dip. If no one buys, then stops will get run. Once stops get run, the margin traders get destroyed and they are forced to see.