Looking at the big picture, personally I'm not scared, what we learned from Elliot waves is that any good asset will crash up to 70% of its value on the second wave only for the smart money to come in and ride the third one in a nice lengthy bull run. So the sooner we reach that bottom the sooner we can start wave 3. Meanwhile let's enjoy the ride down minding the...
I believe BTC will not see any major trend changes in the following weeks. The major support and resistance lines seem to be very strong upwards as well as downwards meaning it will keep between 7500 and 8500 for a while until some external factors (news etc) will fire up the volumes again to restart a bullish trend.
My first attempt to chart analysts.
Looks like an inverted cup and handle on the 4 hrs chart combined with a MACD convergence.
Despite my wish for BTC to reverse trend I believe we will still see a wave down, hopefully not too low