Am I seeing it wrong?
No - the weekly chart hasn't yet absorbed the shock other then 1 red candle.
Still that retrace was pretty brutal. Nobody's going to have a huge appetite for bitcoin in the next few months - at least not on a purely speculative basis IMO. Maybe if there's some mother of all equity crashes or derivative metldowns and they're forced to buy - thats the only way I see this going anywhere.
(According to Cliff High's webbot, there is such an even on the calander if you're into 'Twighlight Zone Tealeaf Technicals'

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