Earlier in June, I laid out an Elliott Wave count for Bitcoin which proposed a correction deeper to 5500-7000.
Zooming in on an intraday chart, it appears as though Bitcoin is getting ready to dump to 8,000 and possibly lower. Bitcoin has been adhering to the mid-line of a longer term price channel (yellow dotted line). It has decisively fallen below this line in an Elliott wave impulse pattern.
This suggests we may get a little bump higher, but the pump (or shall I say dump) is primed.
The lower support line of the price channel and horizontal support crosses near 8,000. There are wave relationships showing up in the 8,000 area as well. Should we see a dump in price, a short term reaction should take place near 8,000.