BTC Breakout V Breakdown Midterm

BTC is likely to have a bullish period for a few more weeks and then reject around the 7100 range before descending toward 5K and perhaps spending a very short time below 5K. The magenta arrows point to what would be a less likly bearish breakout if the 7100 range is pierced. What does give this scenario some probability is the possible ETF announcement slotted for 8/10. If we see an approval, I believe we will have at least a short term bullish influence on prices--whether that be deceleration of bearish movement or an acceleration of bullish movement.