With no underlying real economy behind it anything can happen at any time. My short answer - I don't know. I go by the break out levels and volatility. The market has to show its hand before I can tell you anything.
Personally I think BTC shouldn't be where it is right now in the first place. But it is. So, my guesses are no any better than yours.
Thank you srezz.
I know exactly what you mean.
You are absolutely right. I think you are objective and reasonable.
So your charts are more reliable.
I have a question in your answer.
What is the correct location of BTC you think?
Is it too expensive now, or is it(In recent days down without reason) a problem ?
The correct location is close to zero. This is a question of value and it is a fundamental question that separates different schools of economics. Here is a response from the school of thought that I belong to:
https://www.cryptocompare.com/coins/eth/post/p_63633