What's The Next Move For Bitcoin?

• Not gonna focus too much on Elliott Wave count here since we're clearly forming a complex pattern. My guess is that we're looking to form a WXYXZ triple combo pattern.
• What I focus on right now however are the trendlines formed on the log scale.
• If price continues to bounce within the trendlines, then a new low to the $5,300 area can be found
• Before that, we will probably see a smaller bounce. Please check next picture

Mid Term View:

• For each correction wave down, we can see similarities in retracement levels.
• There's been a significant bounce at the 0.786 area of each fractal.
• If this pattern completes, then we could see a bounce to the 0.618 area which is around $6,800, before we continue down to the bottom trend line
• Also note that I've placed the correction target at the time where the ETF decision will be made, but don't take this too seriously :)

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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.