7200$ is next target

Morning guys,

Last week we've talked about possible deeper retracment on BTC, but to complete it market was have to keep valid intraday 5/8 Fib level. This was a vital area for this tactical scenario.
Despite minor respect, this level still has been broken and market now is coming to the 7.6K lows. It means that next stop will be at our major target of 7.2K.

Currently we do not have good bullish context as market has broken all potential bullish patterns on intraday charts, showed week reaction on support level. On daily chart we have signs of bearish dynamic pressure - downside action with bullish MACD. Finally we have also Dinapoli bearish grabber, which suggests drop below recent lows.

Bears could consider position taking. One of possible solution is to use Stop "sell" order near the 7.7 lows, but not below them.