Bitcoin has had a rally up from $6500 to almost $9800. This impulse wave needs correcting, and that's what's happening right now. Considering that the market is fairly bullish since we departed from 6.5k, this retracement wave 2 might be shallow (38.2%). So here is a possible EW count that puts us right there.
Note: this is no financial advice, I am a noob and this chart is probably completely wrong. Have fun and trade safe.
Up until now, we have followed this path to the cent. Let's see how long this continues. There is a lot of support ahead on our way down, so BTC could bounce earlier or go sideways in between. Currently getting supported at 9200. If that breaks, there's 8900 and 8800 to go through before hitting 8500.