BTC/USD losses nearly 5% in the past 24 hours

The general picture on the Hourly chart demonstrates that Sellers still have control of the situation. The price is close to the midterm descending trend line. BTC/USD is likely to develop its downside progress in the midterm as there are no signs of a global reverse. The currency pair establishes new local lows. The correction towards the higher border of the Fibonacci retracement seems to be ended.
Let’s have a closer look at what is going on within the Fibonacci retracement indicator. The price has chosen a bearish scenario and declined below the 1 retracement level. Bitcoin has lost nearly five percent in the past 24 hours. The currency pair is below the midterm descending trend line meaning sellers have full control over the market.
The possible scenarios for BTC/USD are the following:
1. Bullish scenario (nearly 60% of probability). The currency pair will run upwards to test the descending midterm trend line and higher, towards the 1 retracement level, which coincides with the support area at $7,948. If successful, bulls will be able to drive BTC/USD even higher towards the next 0.786 retracement level and the closest resistance area at $8.137.
2. Bearish scenario (nearly 30% of probability). The currency pair will resume to decline from current level or after testing the red midterm descending trend line. The closest target is the support area at $7,816. The next will be 1.618 retracement level. However, we will have another support area at $7,739 on the way.
3. Neutral scenario (nearly 10% of probability). There will be no significant changes in price today and the price will stay close to the current levels.
The first bullish scenario means a deeper correction that is likely to happen as Bitcoin has suffered significant losses in the past 24 hours.
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