If we close below the blue 3 trend line on a weekly, most likely we are in a stage 7 downtrend and worst case we go back $1400 which is the beginning of the cycle trendline 1. There is a possibility we test 2 trendline at $4k and we are in a bigger trend and this is just a blip in a much larger uptrend. Best case in the short term if we hold trendline 3 on weekly candle we need to clear 12K and stay above to continue a bull trend up to 4. Otherwise, expect a sell off to those levels I mention above. If we close below 3, I would reduce my position by half. If we close below 2, I would be out completely and wait for the next cycle to begin. This could take months to years to play out.