As we speak, bulls don't have much going for them, I'm not here to say otherwise.
Price saw a bearish retest at the 17.6K level and range low. So far though, there has not been much bearish continuation (yet).
Whether this comes or not we'll have to see.
The longer it sits below this range low though, the more chance there is for a squeeze back into the range causing a deviation + trapped sellers/shorters below.
The situation made me think of the ETH/BTC range which I've shared about in the past.
In the ETH/BTC chart there also was a breakdown of the range but no continuation. Instead price hovered around there until it eventually broke back into the range, held it and rallied all the way back up to the range high.
This was also due to the merge narrative obviously.
So for now, bears definitely in control but with such a breakdown, combined with extreme bearish sentiment and (some) short selling the bears would need continuation down soon or they risk price retaking the range and trapping them below.
Until the range low at 17.6K is retaken though I won't argue that the structure/chart is bearish.
Just showing a scenario and similarity of how this could play out if price were to run it back a little.
I'd be looking for swing longs if we'd retake the range.This post is based on this twitter thread.