I think Bitcoin has one more leg down to $7400-7800 before starting it's next Elliot wave cycle. You can see an inverse head and shoulders pattern forming on the daily. A reversal at either the pink or purple trend will start the second half of the right shoulder as it moves toward the neckline. I marked several key areas of resistance that I will be looking for Bitcoin to hit: Target 1 - $10,000; Target 2 - $11,700; Target 3 - $13,000.
Possible head and shoulders on the 30min chart. With a head height of ~$600, the HS target would be around $7,500, which is within our initial target. We'll see if it comes to fruition.