BITCOIN TO $8000!?!??! TECHNICAL ANALYSIS + MY THOUGHTS

So I woke up about 30 minutes ago only to see that Bitcoin had broken below the $10,000 dollar mark. I do not consider myself an expert in technical analysis or even trading for that matter but I have been following this correction since bitcoin topped around $20,000. I wanted to share my TA and some of my thoughts regarding the future price of bitcoin.

Have a look!

Bitcoin appears to be pretty week at the moment but could still breakout bullish at any time. Fundamentally I believe the price of bitcoin is consolidating and big investors are holding the price down to get more coin for themselves. This makes most sense to me, a lot of people believe this correction could be due to CME Futures contracts ending. Fundamentally there is probably a lot of causes for the price correction, but technically things are looking good!

Bitcoin has broken out of the smaller triangle I drew and I expect it to head towards the $8,000 mark where more resistance is to be had before bouncing back to new all time highs.

Additionally here is a look at my elliot wave analysis:

Not the prettiest, but you get the picture. A,B,C Correction down to around $8,000 resistance line then we could expect a HUGE bounce followed by a new market cycle taking bitcoin to new all time highs. I'm setting my buy orders LOW folks, I advise you do the same to catch some of those panic sells.