Confirmed we are still on wave 2..

When the price hit a bottom of $8250, it could either have been the end of subwave C of wave 2 and the beginning of Wave 3, or merely the end of Subwave B of wave 2.

The price went up to $9070 and back down to $8350 yesterday - just shy of the bottom of $8250. The going down could have been subwave 2 of Wave 3, or it could be partway through subwave C of wave 2.

If we are on wave 3, then $8350 must be the end of subwave 2 of wave 3 - it's unlikely that the price will retrace back almost 100%, but it doesn't invalidate the count. However, that means that subwave 3 of wave 3 starts at $8350 and a few hours ago the price just retraced below $8350 - if wave 3 started at $8350, it cannot go up and then retrace below its starting point. This means that we are not on Wave 3, we are still on Wave 2.

We'll find out probably tonight whether the price goes below $8250. If it does, it invalidates the Wave 3 count, because Subwave 2 cannot retrace below subwave 1. Given that it's dipped to $8300 several times, it is highly likely that we are still on wave 2. It's all probability of course, nothing is set in stone until confirmation of wave failure.

The good news is, the lower that wave 2 goes down, the higher wave 3 goes up to allow wave 4 to end above the end of wave 1 ($9150). Wave 3 may go up to $9700, allowing wave 4 to drop down to $9200, with a wave 5 probably ending back at 10k or beyond.

Historically BTC loves the .782 Fib retracement level: 20k ->6k, and 11.5k -> 7.2k were both .782 Fib retracements. It's likely that BTC will retrace to $7700 which is the 782 retracement from $9150.