Following the the bull run which completed on 17 Dec 2017 at $19,666 we have a classic correction that completed on 06 Feb 2018 at $5,920. This is the level the bulls need to defend if we are to resume the and start the early stages of development of wave 3 of the bigger trend (dark blue labels) confirming on a break above $11,780 with targets between $24,742 and $36,375. However having said that there appears to be one more push to the downside to complete the smaller corrective sequence (light blue labels) targeting $6,250 ish level. This smaller corrective sequence will be invalidated if $8,366 is broken as wave 4 may not enter into wave 1 territory.
If $5,920 does not hold as support then we have a more complex correction in store and the next support levels lie at $5,000 and $3,000.