There's no doubt that we have finished the 3 wave series and where we are at now with this (4th) wave is actually wave 1 of the next set so usually we would see a rounded bottom here and it will take some time to move into the next wave however, you won't see this pattern unless you are watching the 4 hour chart or less. On the 4 hour chart we see BTCUSD has found very good support on the 50 MA.
I know that the weekly chart looks extremely scary but the fact is that these digital assets are not yet trading on the weekly charts as they are simply too young. If you want to compare to currencies that are moving on longer time frame charts then take a look at the US Dollar index or the EUR/USD pair etc., and you will see clearly that they are moving on the monthly chart.
Technically speaking we can go on like this for a long long time and if you are following the you might see the 50 MA hit fairly frequently and testing the 100 maybe 3-4 times a year. So could we retest the 100 DMA here? Yes potentially we could and that would take us to the support region of 7800. But even if we did retest this support here it would still not indicate to me that the structure has broken down only that we have had a normal correction. These corrections are necessary to shake out all the weak longs and provide good entry points for sidelined investors.(I'm speaking in general terms for any asset here.)
Even if we did start a consolidation phase here it would most likely be sideways with a final plummet to the 7800 area but my feeling honestly is that we will continue to move higher here to the 31000 to 34000 as indicated and if at this time it looks like a blow off top formation then yes I would expect a spike even higher to 40000 or 50000. I know these numbers seem outrageous but you have to think in terms of percentage gains not dollar gains. To get some perspective on this try a logarithmic chart and you will see what I mean.
Anyway... just one man's opinion. I appreciate any contributions to a discussion and if you are going to disagree or provide an alternative perspective please be prepared to explain why and show me why with a chart. I'm not into receiving negative comments casually tossed out onto my pages. So be prepared to back up any statements you care to make so that we can all benefit from a healthy discussion and potential enlightenment.