The fifth wave of the falling wedge has reached the bottom at $8,000. A lot of pressure is built up as can be confirmed by the coil up in the RSI. Expect a strong bounce.
Upside scenario was invalidated. This suggests Bitcoin has put the final top for the parabolic trend at 20k. Increasing downwards momentum and repeated breaking of support is an indication for a selling climax ahead down to 5-6k followed by a dead-cat bounce and a further almost 100% correction of the uptrend since 2015.
The Falling Wedge bottom was pierced by a fake out. If daily closes above bottom green line, the wedge should be considered still valid.
Forecast and target in case of a bullish resolution of the falling wedge.
the last wave of the parabolic uptrend up to $33,333 followed by a sharp sell-off down to $6,500. Price will recover and consolidate around $15k again by mid 2018