Bitcoin has been doing a steeper downtrend leg with a less steep consolidation leg, as shown by the Elliot Waves. A possible steep leg (spanning 7/10-7/17) and a less steep consolidation leg (spanning 7/20-7/30) might be visible on a larger scale. Bitcoin might be ready to start a steeper downtrend leg soon.
Once bitcoin does a .5 peak retracement, it often goes down from there, until it bottoms out and starts another peak. If this is true for this peak, then the .5 retracement at 11k should continue to downtrend until it reaches the bottom at 7.8k-9k.
A close above 10k would lean towards a bull trend reversal, a close below 9.9k would lean towards a bear trend continuation. However, if it leans towards a bear trend continuation, then it would have to attack the parabolic support in the next couple of days, which would be a feat.