Things are looking pretty dire for bitcoin right now. Multiple scenario's are possible but all of them point to some more downside. Resistance area right now is $7000, confluence of multiple fib levels and a previous low. Sideways movement is expected for now and more downside after. Crossing of previous lows of April 1st and February 6th might trigger stops on longs and cause fast spikes down. There are multiple targets ranging from $1500 to $6000. We can only rule out these targets as price and time progresses further.
However fundamentals and news are positive. Too bad news doesn't matter, bad or good (read the socionomic theory of finance if you are interested in an analysis of news events and speculative markets). I remain very positive on the outlook of crypto and hope the emotional ride is not too tough for the people holding.