The weekly chart tells the story pretty well I think.
We have a bigger falling wedge with a bearish pennant inside it. This makes sense for a few reasons...first, the falling wedge is ultimately a bullish pattern, meaning once it breaks there will be a massive run up. However there needs to be at least two lower trend line touches, which is where the bearish pennant comes into play. I'm expecting it to break down which will lead to the second lower trendline touch and then sideways action before breaking out of the larger falling wedge formation. This would coincide with a slow summer period with price dropping to the mid 20K range and then slowly consolidating there before breaking out bullishly potentially in late summer or fall.
The "M" formation on the monthly chart is invalidated as the legs of the "M" go straight up or down(like the upward leg does) and it's been going sideways for 3 months now.
There can be more than 2 lower trendline touches so there is a chance it could fall lower than the mid 20Ks, but I would not expect much lower.
Just what I am seeing when I look at the charts, no guarantee this will play out, patterns don't have 100% accuracy rates, this is just the most likely scenario based on what is presented on the charts as I am looking at it more closely now on the weekly timeframe.
