BTC broke below the channel on the 1D and 4 hour , and now retesting new lows .. volume and sell pressure is very bearish and likely to find psycho support for bulls around the 7400-7500 zone. We had a false breakout and hit major rejection above the 8K range which likely caused the slip. Bulls will allow the bears to claw it back for a new entry point after consolidation.
As always wait for the shorts to squeeze out thus causing massive liquidations, giving a false upside for newer lows. Each up is about 1.8% with 2-3% newer lows against the prior.
Mcap on the first weekly low 5/30 to today is 40B in total decline.