We are now in the middle of the correction and right at the point where it is the moment of truth. So this is either the continuation of the C wave down or we are going for one more move up to finish the B wave and then Go down for the C wave. A close below 12,820 would make a new low and close below the , meaning that bears are still in control and the forecast would be the Yellow (A) Candles. A close Above 15,015 would mark a solid close above the 20MA and most likely we will get a continuation up before going down to finish the correction like the forecast shown by the Red (B) Candles.
With the velocity of this last move, I would expect one more move down, so I wouldn't recommend buying now. The price is in a low volume area so it can move pretty quickly (We broke the 61.8 Fib line and could get to the 78.6).
If we find buyers and break the yellow trendline, I would expect 2 sided action before continuation (that would make a more complex structure).
a 45% down move since December, makes this the 7th largest down move in Bitcoin history. Recovery from the drawdowns that have been over 49% have range between 66 days and 631 days.