BTC 7400 resistance holding down to 5300...

We've been monitoring BTC carefully and the downside press is in full effect, just recently a lower high formed and price rejected a key level. Which indicates there is more potential downside to come, should the 7400 resistance level hold out well on any test we can see BTC through the new low at 6430, this low was quickly bought up by strong buyers but there is more sell-side in the market. From here if BTC does not print a new low it may revert to more neutral price action or even flip to the buy-side.
For the bulls to take over BTC has to break above 7500 and hold that level as support. Which is the unlikely scenario.