Great analysis! I believe the short term scenario for Bitcoin is still very bearish and that price will continue to fall until we are trading below the $6,900 region. Price has began to develop lower highs and lower lows after falling through the support level of $7,500 level. We could see price trade as low as $6,400 by the end of the month.
That can happen and there are others that will agree with you. But they also say that we might see a small relief rally now before going down again.
I am starting to getting use to the 6500 figure. I still hope 7077 was the low.
The $7,077 level could well be the low. However, overnight price rallied back to the $7,500 level and sure a very strong rejection off this level with a $200 decrease in value since reaching the level a few hours ago. It is very common for price to see a small pullback up to the previous low before it continues its push down, i believe that is what we will see happen here. Its pushed to the previous low of $7,500 and will now come back to test the $7,077 level.
Yeah could happen!