Bitcoin could see a strong downside correction this week after the number one cryptocurrency was forcefully rejected from the $7,000 level. Short-term BTCUSD sellers may test towards the $4,900 level if a breakout below the $5,500 support level takes place. Gains above the $7,000 level will likely see bulls testing towards the $7,800 and possibly the $8,400 resistance level.
The BTCUSD pair is only bullish while trading above the $6,400 level, key resistance is found at the $7,000 and the $7,800 levels.
If the BTCUSD pair trades below the $6,400, sellers may test the $5,500 and $4,800 support levels.
