Now, before taking any action here, we have to hold on wait for Bitcoin to actually make a move through, either the downside resistance line, or the upside support line. Until then, we will be closely monitoring the crypto.
A break of the short-term downside resistance line taken from the peak of the 24th of July, togethere with the key resistance at 6800, could confirm the possibility of the upcoming strength, which could lead to higher levels like 7415, or even the 7770.
On the downside, a drop below the short-term upside support line could lead to a test of the 5860 level, marked by the lowest point of August. If that area is not able to withstand the bear-pressure, we could potentially brace ourselves for some further declines.
Always have your SL in place.