Below is a summary review of the price action of Bitcoin since October 2017.
The declining trend has to end at some point. However, the tendency has been for the price of Bitcoin to achieve new lows at 6,914.26 and 6,620.41 and finally 5,848.26.
At this stage in the price of Bitcoin, the only concern is the upside potential which would also give us clues to a reversal of the declining trend. The upside potential is the midpoint from 9,826.60 to 5,848.26. The midpoint is currently at 7,837.43.
All Bitcoin needs to do is exceed the 7,837.43 level for a reasonable level of confidence of upside prospects. The only concern is that most major trend reversals require a retest of the prior low. That means that even if the price of Bitcoin goes above the $7,837.43 level, it will most likely decline back to the $5,848.26.
However, before the price of Bitcoin retests the prior low it would likely form an inverted head and shoulder pattern first. That means that a retest of the $6,620.41 is the minimum retracement to the downside, when that time comes. Not falling below $5,848.26 would be a very constructive trend in the price of Bitcoin.