Pivot point is at 8459. Below this point, there is a bearish scenario, above a bullish one.
In the green circle, there is a strong trend reversal pattern. However, it only caused a small upmove. This means that the bear trend is still effective.
At 7567 and 7540, there are strong support levels. A break of these levels would open the way down to 5511.
Should BTCUSD move significantly above the Pivot point, another test of the lower side of the violet triangle would be possible.
In the green circle, there is a strong trend reversal pattern. However, it only caused a small upmove. This means that the bear trend is still effective.
At 7567 and 7540, there are strong support levels. A break of these levels would open the way down to 5511.
Should BTCUSD move significantly above the Pivot point, another test of the lower side of the violet triangle would be possible.
Comment:
Support 7540 is broken. The way down to 6968 is free and we can expect a fast drop down to the support S2 level. After a while, BTCUSD will continue to move down slowly to 5511.
Comment:
Support S2 is broken. Things develop much faster than expected.
Next target is 5511.
Next target is 5511.