Some quick charts. First the weekly bitcoin chart for some overview.
I don't think the impulse has finished yet. We have not completed minute waves iv and v, these are the encircled, burgundy red ones.
I find confirmation of this count in the Huobi10 index, which is quite similar to bitcoin, also in the total crypto market below.
Next, some of my favorite indicators: Bollinger Bands, fast and slow Stochastic RSI, fast and slow MACD, for my 5 favorite time frames: weekly, daily, 12 hour, 8 hour and 3 hour bars.
What do we see?
Weekly: overbought but no divergence on the MACD's
Daily: oversold, but not at the lower BB yet; there was divergence for the minute wave iii top
12 hour: oversold, touching the lower BB; no divergence on the MACD's
8 hour: oversold, touching the lower BB; no divergence on the MACD's
3 hour: neutral, in a correction pattern
Putting it all together:
Some more movement down may be expected, but not that much. $7000 may be already too far down a target. We should bottom for minute wave iv somewhere between $7500 and $7000, ideally with some divergence on the lower time frames. This is your entry for a strong wave v move up which should bring us to $10,000, possibly $11,900.
By then, the daily and weekly should be seriously overbought, ideally with divergence and it will be time to prepare for a long and tedious correction that may last between 3 and 6 months, especially for the weekly indicators to calm down and to stamp a wave 2 bottom on the charts.