Why support @7700 is so important?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
A drop below 7000 opens the way to the 6000 and 5000...4000 area.
Bears are once again trying to overcome important support. This time at 7700.
Mar 28
Comment: Here it is:
Mar 29
Comment: A move below 6000 will change wave count from ABC to 1-2-3-4-5. First leg downwards?
Mar 30
Comment: There is also the possibility to stay above 6000 :)
Supports @6600 and 6000. And third impulse down. Already happened?
Apr 04
Comment: The return to 7700 opens way to 8400:
Apr 12
Comment: Nice bounce, but too early to celebrate. Bullish bias begins above 8500.
Any new thoughts on BTC? We broke above $8500
Like2Move ambrosia
@ambrosia, new idea:
+1 Reply
Is this the real bounce, or more down is expected? Thanks
Like2Move ctealdi
@ctealdi, If the price returns to 7700.
+1 Reply
Are you long from here?
Like2Move sergionero
@sergionero, no and I do not recommend.
interesting chart. how did you find support at 6.6?
Like2Move renkcub
@renkcub, In the green rectangle three characters are visible: fib 1.27, fibext 1, and second pulse down size. Very important moment: from the 11700 high there are already three pulses down, which means we are close to the bottom of this stage.
renkcub Like2Move
@Like2Move, Thank you. but, then you potentially anticipate 9200 back down to <6k?
Like2Move renkcub
@renkcub, Possible scenarios are bounce up or move down below 6000. It will not be easy to get up from this place.
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