BTC is in wave 5 of the ABC correction and should bottom out somewhere between $7500 -7200. Once the 5th wave of of the 5 wave of the C wave is complete it should bounce and begin Wave 1 of the new cycle. Wave 1 is expected to hit $8000-$8200 before Wave 2 retracement back to $7700. We saw how important the news effects the price the last couple of weeks. The next week should be pretty quiet on the news front as markets become desensitized to bad news. The smart traders will be looking to buy at the bottom of the current corrective phase.
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Confirmation of reversal at $7800-8000. Stage 1 of my analysis complete. Now in wave 2 could correct up to 60%($600). Wave 3 will take to close to $10k.