The blue arrows show some key dates, the first is when they were announced so obv a pump ensued. contracts were launched at ATH and the massive shorting brought on a fall doubling whale accounts. Recently we had expire near the bottom and then saw a str8up bullrun with no significant correction anywhere from 6to12k around the expiry of the next contracts. Now we are within days of the next contracts expiring so lower makes most sense. We could easily have one more push into 7.5k range as many predict. As soon as we bottom there, expect a massive upswing to the low teens by the time next months contracts are settled.
Alternatively, since I think they are accumulating so much right now, we can just bounce around this current range this week, finally breaking out after contracts are settled at an acceptable price for the market makers.
The real interesting arrow is the orange one imo as direction of the next contracts will not be as easy to predict. While I fully believe we are going way up and fast after this current contract expires and then correct for the contracts after that, what happens at the orange arrow is really interesting because we will find out if these 3 waves up were the first 3 of a 5wave impulse up back to ATH OR if we just completed an correction of the 6k low and will be putting in a higher degree C wave down to the 3.5-4k level. Whales will have room for doubling their money in either scenario then, but for now there is more upside than downside imo bc to me it looks like whales are accumulating while scaring all the suckers out of the market.
Rant over. GL trading...or not until we leave range in either direction if you are a longer term trader.