This is my outlook of BTCUSD. From a bigger picture we are finishing wave 5 in this downward move.
Solid Black Arrows: BTCUSD may have hit its low but there is still some tank in the gas to go lower and bounce off the lower channel around 7,500. If we do go down to this level we will see a large ABC consolidation move that could signal the reversal. The good news is that the ABC move will put us back to about 12,000.
Dotted Black Arrows: If we don't see the drop, we will consolidate in an ABC move and see 13,000 before we break further north or bounce.
Solid Black Arrows: BTCUSD may have hit its low but there is still some tank in the gas to go lower and bounce off the lower channel around 7,500. If we do go down to this level we will see a large ABC consolidation move that could signal the reversal. The good news is that the ABC move will put us back to about 12,000.
Dotted Black Arrows: If we don't see the drop, we will consolidate in an ABC move and see 13,000 before we break further north or bounce.