Is Bitcoin Heading Back To $7650 Again?

It certainly seems that way at the moment...

I posted yesterday that Bitcoin was looking strong, but also said I didn't think we were out of the woods yet. Today seems to have confirmed exactly that.

Bitcoin started the day at around the $9300 level after failing to break the resistance at $9480. Things then turned bearish once again and $500 was wiped off the BTC price in one 4 hour candle.

Let's look at a fresh chart:

https://www.tradingview.com/x/qaMkQyES/
4 Hour Chart

Buy Signal

Despite the drop, the MA cross has actually given a buy signal on the 4 hour time frame. I wouldn't be following that myself though, not with the RSI well below the 50 level and the MACD also appearing to be turning bearish here too.

Daily Chart

The picture on the daily chart is still clearly bearish too:

https://www.tradingview.com/x/QWPaVJwc/
Daily Chart

The RSI is weak, and not yet oversold (which could have provided a positive bounce).
The MACD is clearly bearish
The MA cross here still points to a sell
Volume is low, and
The downtrend is still clearly intact.

Summary

Guesstimated Target

Judging by the down trend still being in play, and most of the indicators being bearish (or close to it), I am expecting another test of the $7650(ish) level to happen again soon.

Key Levels

Bearish Levels

The first key level is just below where the price is right now, with the $8200 support level currently preventing the price from dropping further.

Below that there is further support at $8000, followed by that $7650 level.

Bullish Levels

There's always the possibility things turn bullish, if they do? The Fibonacci level at $8600 is the first hurdle, followed by the resistance area at about $9000. (Which I forgot to mark).

I'm 80% in favour of further downside as things stand, but we'll see what happens!