What looked like an almost free fall at certain point today for BTC is currently halted.
The price re-tested Dec 2017 lows and bounced back being supported by really high stopping at point 5 of the grand Wolfe-wave.
However, it is hard to say if this is really the long-awaited end of correction or just a dead cat bounce - in the last case, BTC is likely to re-test strong at 9k which had already provided the base for the previous major move before (purple WW in the bottom left corner).
If the price keeps its current gains and stays within grand pattern, next target to test will be line 2-4 around 15k area.
However, if the price keeps going South, recently touched low will be passed easily and BTC will try to find support around 7.6k
At the present moment, the volume keeps lowering. This is definitely the sign of the price loosing momentum. Any further solid move in any direction will be backed by its significant increase.
Following that, the price formed minor WW (orange). If successful, it'll re-test 6.7k and may go to new low of 5.4k. If it fails, it opens the road to the upper border of the correction wedge at 9.8k
Strong move in any direction will be backed by solid volume change.
With diminishing volume at the present moment, it is hard to define which option will prevail:
However, the previous wave worked only half-way to originally planned target before finding support at 7.7k which sent price to the new local high of 9.1k
This raises questions about how much momentum this new WW contains. Even though it looks promising from technical point of view, it may not be enough to bring the price to new low to resume the downtrend.
On the other hand, if it fails, this will push BTC higher to attempt the breakthrough of the upper border of the wedge and to test the resistance at 9.5k
If the price settles in this area (above the upper border of the wedge), this will be clear indication of the return of the bulls:
Local with possible further development of the situation - the price will try to form another WW (it may also be located above the higher line of the wedge).
But in either case, it'll most likely fail like the 2 previous ones due to the lack of strength on bears side:
Full green ahead backed by solid volume spikes right after upper border breakup - correction is finally over! (knocking on wood just in case anyway :-))