Here's another BTC:USD analysis on a weekly time-frame. First things first lets quickly recap what was covered on last weeks analysis.
As you can see, we perfectly rejected the $6800 and surged all the way up to the $7950, just $50 below our initial target of $8000.
After retesting this level BTC was immediately shorted thus resulting with another fall towards the $7300 level.
Now, if you read the last weeks analysis you know that I am expecting a consolidation in-between these two levels, $7300 and $8000 to be precise, and it looks like BTC has been doing exactly that.
During this week we'll be still monitoring the same key levels since none of these has been broken and they both are still valid. So with that being said, a break below $7300 will result with a free-fall towards $6000, however I still believe we could re-test one more time the $7900-8000 resistance.