My analysis shows the resent sub-$6000 price breach was a test of price levels that will be attempted in the near future. My predictions, drawn with the arrows on this chart, show what I expected to happen a week or so ago. At this point, FAIR WARNING, we have about 5 more days of relative calm upside price action before a critical time/price inflection point will hit. I believe this will be the peak and I believe BitCoin could fall dramatically below 6k relatively quickly.
I don't believe any real support exists except for the 6k level - and that level has recently been breached by the lows. Fibonacci price theory teaches us that price rotates higher and lower in an attempt to ALWAYS establish new higher highs or lower lows. Pay attention to the price rotation on this chart - nothing has changed. BTCUSD is still rotating lower and establishing new LOWER LOWS and LOWER HIGHS as it rotates. Until this changes, the trend is DOWNWARD and we should expect a new downside price rotation to take out the 6k level.
My opinion is that some news event, possibly China or Taiwan, will create a panic in the market as prices breach the 6k level - pushing it down to under 5k rather quickly. Be prepared.