Implications and Outlook 1. Bitcoin turned down from the Mean Resistance $6765 (new Key Resistance) on July 7 by completing Step 1 and slipping downwards towards Mean Support $5850 and completed Coin Dip $5820 - Step 2.
2. The violation of Mean Support $5850 and Coin Dip $5820 will undoubtedly bring serious of the intermediate to short-term bearish implications, having downside targets to Yearly Low of $5777 as well as Key Support $5525.
3. Conversely, if the bulls uphold Yearly Low of $5777 and Key Support $5525, the upside target is Mean Resistance of $6370.
4. Current Coin Strategy Bias: Bearish 70 / Bullish 30