I believe BTC is finishing up a wave 1 structure. It may well break out through the major downtrend line (dating back since the last bull run). The wave 2 may come back down to test this downtrend line as support (this may also happen to be the 0.5 - 0.618 retrace of wave 1). After the wave 1 retracement and consequent re-test of major resistance/support, wave 3 can commence!