BTC Breakdown After Failed 5th Attempt at New ATH

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We've been watching the upper trendline for weeks and saying that since breakouts usually happen on the 3rd or 5th attempts...

That a failure (which we just had) to break above the upper trendline shown here or to ATH on this attempt, would likely lead to a deeper correction which we're starting to see.

Plus our custom indicators have all rolled over to Red. Currently it's looking like 62k is next support block of buyers.

Some are speculating that was the top, and whale sellers are front-running a recession.

But comparing this year's chart looks a lot like prior Bitcoin bull-runs, just before the parabolic rise happens. Specifically like 2016, when there was months of stagnation near the old high..

Just before the big explosion in price.

What do you think??