Bitcoin at key resistance structure, next move to 5000?

BTC has climbed off the structure support break into the resistance structure that we outlined based on market structure. We needed to see a stall in this area for the continued move lower. The first red day just occurred and it was strong, we need to see an extended move lower or some doji candles to indicate a reversal to the downside at this resistance point of 7750. This inflection point should bring the price down through 6760 if the downside is going to continue. The volume that brought price up to resistance was weak so the downside has a little more control. If BTC rallies above 7800-7850 then the upside may open up a little stronger.

Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.