BTC price refuses to give up going up, when I'm expecting it to go down. So I redrew the wave count so that the recent high was actually the end of wave 3, not wave 5, we have just finished wave 4 and have started wave 5.
Now although I'm not entirely convinced this is accurate, it is possible. Check out the beginning of wave 3 - which started out very similar to how wave 5 is starting out.
I'm not sure how to invalidate one of the counts, other than waiting for the current wave to surpass the last high of $8400 (confirms wave 5), or go to $7700. The range is far too wide for my liking.
The problem is that we are on an correction, it's very hard to determine whether we've passed wave B and are on Wave C, or if we're still on wave B.
If we are still on Wave B, then there isn't an easy way to draw wave A as 12345 waves, because every different way of drawing wave 4 crosses into wave 1. Therefore we must be on subwave 2 of wave C, but subwave 2 is longer than wave B which makes it suspicious.
Looking at other indicators like the 4hr and OBV, it seems to indicate that we are on a wave right now but I've been burned too many times to take this as a certainty.
I can tell you I haven't been sure about this structure so I haven't posted one way or the other but these are the only two counts I can come up with. Bullish scenario in red ending 5th wave diagonal and we just saw wave 4 complete and it goes up toward 8500 (not looking likely). Or it goes down just like you have posted and confirms bearish correction complete.