I think this dump will stop somewhere around $7,500. After that I hope BTC will raise again. At the $7,500 there is support and also BK 231 (1D). In the case BTC will drop below $7,200, I think BTC will dump to $6,300 somewhere.
I'm also thinking very similarly from
some analysis that I've done, studying past price history mainly. I'm expecting a reaction rally to $9k from low $7k, but ultimately not expecting a bottom until $6k area which should provide considerable support/volume, even if the price doesn't hold and $4-5k is tested.
I'm also starting to see a bear flag on the daily chart which targets the $6k area, so potential the price won't bounce back until this area. If anything, I'd prefer there to be no bounce until $6k, for me this would improve the chances of this level being the local bottom (and last orders) for a consildation prior to a bull market.
The target for the descending triangle breakdown remains at $6,410, so until this is reached, I'd find it hard to be convinced of a bottom (unless we cross $12k).