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RE: $BTS/BTC Poloniex Technical Analysis / Market Report Update #112, July 11, 2017.
COMMENT
1 day chart
In a case where this support level holds I would see the price bouncing to at least the 6.9-7k levels but also have to warn everyone that there is a potential for a much bigger bounce (to some ~11.5k ) due to this downtrend being very sharp and volatile.
In case of a downtrend I'd first like to draw the attention on the fact that we are entering some tighter support levels (meaning that the spread between support lines will get less and less).
That being said I would expect the price to go down to the ~3k levels where i drew the thin red line (which is actually another fib line as seen on this part of the weekly chart ).