BTC/USD Lost Over Six Percent! What's next?

The currency pair still develops its negative midterm tendency as the price is below the red descending trend line. Bulls seem to be smashed down. Buyers had made an attempt to start a correction yesterday, but it was limited by $7,739 resistance area. BTC/USD has crossed 1.618 retracement level later and established local lows. Total losses in the past 24 hours are 6.04 percent.
Alternative text: BTC/USD Hourly Fibo
Let’s take a closer look at what is happening down there. Bitcoin has reached resistance area at $7,739 on Wednesday but buyers failed to develop this upside correction as the price jumped off this area and resumed its downside tendency.
BTC/USD has established new local lows at support area $7,475. Later BTC/USD developed its downside progress and the price reached new local lows.
The possible scenarios for the currency pair are the following:
1. Bullish correction. BTC/USD will run towards the closest resistance area at $7,475 to test it. If successful, buyers will have an opportunity to develop Bitcoin’s correction targeting 1.618 retracement level.
2. Bearish scenario. Bitcoin will reach $7,475 and reverse there or will start to decline from current levels towards new local lows.
Check the full crypto analysis HERE.