BTC is reaching final stage of Elliot Wave. Wave 5 of wave C in ABC correction is almost over. Low targets are $6900, if not sustained-$5300, then reversal. In addition, RSI and MACD show significant oversell levels on every time frame. Historically , every time daily RSI hit and sustained oversold levels, there was a huge reversal leading to new All Time Highs. Furthermore, Price is building a very steep falling wedge withing falling channel, which indicates that the price should break upward out of this falling wedge, at least to reach upper boundaries of falling channel at around $12000 level. Considering that ABC correction is almost complete I can suspect that prices may very well break out of that channel which will indicate a beginning of an actual uptrend to All Time Highs. Overall, the pattern remains bullish with a massive Bull Flag. 
From fundamental stand point, reversal should happen when the actual panic begins, when there are HUUUUGEEE RED CANDLES, that cause massive panic sells (just like in parabolic trends). At that point, oversold levels reach critical points that signal to whales to BUY BUY BUY. As a result, small fish sells in huge loss, where as big Whales Buy at extremelly cheap prices and signal reversal, but small fish is left with bread crumbs.... Watch out for BIG RED CANGLES and DON't be the small fish...
Counterargument
Even if prices break out of falling wedge, there is no guarantee that it won't bounce back down from $12000 level, which will indicate 5 wave correction, and that prices may fall well below $5k....
Always Use STOP LOSSES!
