Today saw a pretty significant dip across almost all of the market. While the price of Bitcoin seems to have held above $7,500 for now, many online are noting that a drop below could take us to $7,000. Others are expecting a bounce to come, but it isunclear how soon.
Trader Nick Cote pointed out that if we break key support at this level then he feels that a major drop to under $7,000 is plausible:
Here we are again, at the $7,400 support level.
Do or die here.
A break will lead to an aggressive move down to $6,900
I wouldn't be opening a new short at this level.
See Nick Cote's other Tweets
In a similar vein, Cote discussed how Ethereum would likely bounce back up, unless $235 becomes resistance:
See Nick Cote's other Tweets
Also, the trader who goes by "TEDDY" noted that given the current setup, it doesn't look great but trader's should have a plan for either move:
#bitcoin - $BTC
4th contact with 200ema, indicators are not looking great
Bulls do not want to see the 200ema become resistance if it were to break below it- daily also struggling to get out of cloud
Imagine a bounce and a rejection and prepare a scenario for both - planpic.twitter.com/FKDBl8Zlel
See TEDDY 
's other Tweets
's other Tweets
Analyst "Satoshi Flipper" pointed out that support/resistance levels become weaker the more they are tested:
$BTC update
- Continuing the correction, MACD crossed bearish on the 4 hr.
- Looks like the 4th touch of the 7500 support level. The more a support or resistance is touched, the weaker it typically becomes.
22 people are talking about this
Lastly, "Crypto Michaël" noted that too many people are focusing on going long as Bitcoin drops to $6,000, but he doesn't believe this will happen:
See Crypto Michaël's other Tweets
Though opinions are mixed, most seem to be cautious given the current market conditions.
