BTC/USD - Chances.

Let's look at the situation in detail: some prominent long positions were opened in recent days. Amount of short position grew up too, but some facts tell us that short positions were opened by small players (like you and me), while longs were opened by huge whales. It is foolish to deny that BTC is wholly oversold now, we are following down-trend since 8400$ and right now there is a high chance that price will go up in form of correction.

Let's consider the bullish scenario: 6900$ - 7000$ is the place of high demand, and it would be complicated to break it successfully. So, if today's candle will close above 7050-7115$, we will have a great chance to go to test 7300-7350$ zone. (There is crucial time at 7th of August at ±1am UTC because we need Asia to stay above 7300$). If we would be able to keep the price - we will have all chances to go to 7500-7600$. At this level are also located CME limit orders, it is a good sign because these levels are like the magnet for the price. However, if we won't keep the price - we can consider the scenario of downward movements.

Let's consider the bearish scenario: as I have already told you - we are still in the downward channel, so short positions have the priority globally. To continue our way down, we should close today' 1D candle below the 6850 - 6900$ level. Then we would be able to test the support at 6700$ which is formed by profile volumes and if we break it - we have all chances to go lower and see BTC at 5800-5900$ in this month. Moreover, we can see a bearish flag on the chart right now.

In general, given the possible manipulations on the part of MM, let's conclude:
We should go up in the next few days. It is very reasonable that the price will dump for a bit to 6800-6700$ or may be even lower with the purpose of closing long position. And only after this we will go up.