A fall below $ 7,950 on the bitfinex will make it clear that the markup is not valid, because wave 2 can not fall below wave 1. This will be very bad.
I really think that TA is not really that reliable in BTC, because among all the cryptocurrency bitcoin is really volatile and it's market demand behave in a strange way. Remember last year when bitcoin was just $2,000, no one ever analyzed that bitcoin will go to $10,000 and even at $20,000. So, let's just see what will happen to bitcoin this year.