BTC/USD Is Still Knocked Out! Any Signs of Recovery???

Bitcoin is still unable to get off the ground as the price continues to slide down the trend line establishing new lows. There are no significant losses in the past 24 hour as BTC/USD falls down for less than two percent.
The currency pair managed to cross the descending trend line on Friday and followed the Green scenario. BTC/USD reached 1.618 retracement level, which coincides with $7,565 resistance area. However, later Bitcoin resumed declining and reached the descending trend line. The possible scenarios for BTC/USD are the following:
1. Red scenario (bearish). The currency pair will break through the support area at $7,199 and move below it developing downside tendency.
2. Orange scenario (neutral). BTC/USD will jump off the current support area at $7,199 and move upwards targeting the closest resistance area at $7,565, which coincides with 1.618 retracement level.
3. Green scenario (bullish correction). The currency pair will go towards $7,565 resistance area and break it through aiming the next resistance area at $7,949.
We think that neutral scenario has more chances to develop. However, bullish correction towards $7,949 is also possible.

Check the full crypto analysis HERE.