So far, BTC is tracing perfectly along option #1. However, we have just touched the new . If that doesn't hold, price will continue to correct in line with the . This means that price will fall just below $8k to approximately $7.8k.
This is where things get very interesting. From here, we have two options: significant advance upwards (likely to breakout of ) or significant fall down to approximately $5.6k. So, I am very curious to see how this plays out. Stay tuned for more action.
Note: I will post a larger view so you all can see the long-term optics. While BTC may be in for some temporary pain, it will be just that: temporary. Long term, BTC shows no signs of weakness and is supported by a curve.
Daily view of BTC.