I've adjusted my target dates from Feb 20th to Mar 1st (10 days), although the target could be pushed out another 10-20 days due to this extended consolidation period.
However, it's too early to tell if we are bouncing now or flagging. To me, on the 15m chart it looks like we are flagging, which could drop us to $7900 overnight. It really depends what volume does over the next 12-24 hours. We are experiencing high sell volume, so it could continue downward, but I highly doubt it will drop below $7500 for more than a moment.
Here is the current 1h chart.
We are now showing an inverse Head & Shoulder formation incoming (yet to be confirmed), which will mark the trend reversal or the real bottom. If this confirms, it should confirm in the next 12 hours or so. Let's hope for the best and start making some new gains.
I feel sorry for anyone who has lost money and hope the person recovers their money later.
CFTC is going to block all futures contracts. Forget ETF, the CBOE and CME listings are likely to be removed too.
Be prepared. We may have a major crash incoming.