Well clearly bitcoin did not hold the nearest possible support level of $7,250. Unless we get a miraculous rally in the next few hours here, we will move forward assuming we have closed under that level.
Bitcoin's Next Stop
When it comes to charting we generally look at prior resistance levels as now possible support. Given there is clearly alot of price action at that level and it has acted as a pivot point before, there is a likelihood it will act as it again.
With that said, when looking at the daily chart above we see the $6,750 price area is our next possible target on the downside.
If that doesn't hold then we start flirting with that mess in the $6,400 area, which if you recall were the lows from April.
Either way, the positive price action Bitcoin had finally developed has been washed out in one fell swoop. Back to the drawing board!
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Disclaimer: All info in this post is my opinion and for informational purposes only