If we can't hold this channel this could mean we're in a new impulse wave down.
Alt could be this move is an ABC before new waves, and we're starting C leg down but that would make C a bit short so not really cutting it.
I'd see wave 3 to 10-15k if the 5 waves scenario confirms, or C leg to 29-30k if ABC.
Anyway both of these scenarios are IF AND ONLY IF we cannot hold this channel.
Bonus: Here is a very interesting blog post I found shortly after making this analysis -> blog.bitmex.com/the-q-trap/
Alt could be this move is an ABC before new waves, and we're starting C leg down but that would make C a bit short so not really cutting it.
I'd see wave 3 to 10-15k if the 5 waves scenario confirms, or C leg to 29-30k if ABC.
Anyway both of these scenarios are IF AND ONLY IF we cannot hold this channel.
Bonus: Here is a very interesting blog post I found shortly after making this analysis -> blog.bitmex.com/the-q-trap/
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ps: the time length of the waves is not intentional, I'm mainly showing price levels