If BTC Holds near 7.5k, Start of Wave 5 Elliott Impulse Wave

Could be looking at bottom retracement of bullish BTC move now, still possible drop to 0.62 Fib retracement near 6.8 k. If does not hold look at this level for further bearish sentiment and if break below 5.8k impulse wave is busted and will see very large drop in price. If holds above 7.5k now, could see ceiling lift to newer high near 8.6k.