So, at the title states, Papa Bitcoin is the strongest looking out of the "Big 3". This does NOT mean it's strong right now. All it means is that the chart looks a LOT better than ETH and LTC. How? Good question -- it's the lows.
From the above graph, you can see how BTC still has two lower lows that it can hold support on. This is completely different from the LTC chart which has now only one new low to support on, and ETH is in a new lower low meaning no support (yes, ETH is by far the worst looking -- it's still my favorite though).
I'll be honest too, I was actually expecting BTC to rally a bit more this last bounce. I had pegged my target at $9,500 for the crypto. Somehow we fell short and peaked at $9,200. This is another bad sign, so hence why I'm also thinking it has more to fall.
We still have over seven hours, but BTC might have a green day. If it holds the current candle pattern, it will be a very ugly looking green day.
If we see a rally on continued decreased volume like we see now, we will consolidate and then fall after convergence and consolidation.
For now, support sits at $7,750 which isn't much room. The low floor below that is $7,300 and then $5,900.