I'd say that there is a high probability of prices bouncing off 7k and indeed eventually hitting the 5-5.3k zone; it would be healthy for Bitcoin to have corrected this far, and the sooner that happens the better for everyone. There are more analysts who claim that we have not seen real capitulation yet. I'd say let it get over rather sooner than later; otherwise we the torture of a slow bleed may only take even longer. If on the other hand the 7k gets convincingly broken with a week close, I assume, then this opens up potential new opportunities for long positions (be careful though and pay attention to stop losses) but we'll have to keep in mind at the same time that we arguably won't be out of bear territory as long as we have not passed at least 10k, but even better 12k (opinions are divided on this range).
The 6.3k level was identified as an important support level; a break down of that level would indicate a continuation towards the 5-5.3k zone. However for that to happen the very strong 6k level would need to be broken after all, which so far has not been proven possible yet (every small dip under 6k has swiftly been moved back above 6k by some market forces; let's see how long they are able/willing to hold that support if it gets targeted again)!
All that said, TL;DR: I'd prefer a faster melt down now to get the pain over with faster as well, instead of slow bleed and new hopes being crushed once again when the bull run turns out to be bull trap after all.
Let's see what happens: so far these sudden green dildo price spikes (interestingly enough in weekends), followed by days of low volume indecision/ non-movement, are very noticeable. Right now we seem to be in a no trade zone, where we are basically waiting for the market to take a clear direction.
