Bitcoin's downtrend is losing steam. Where will it reverse?

Bitcoin recently crash out of the triangle it had been forming for months. The result was a relatively violent, however short-lived, downtrend. The trend phase had a very negative gradient which has since flattened out as shown by the red curved lines. This shows that the move is losing angular momentum. In fact, it's entering a consolidation phase. The likely outcome from here is that the market will establish a low at some strong support before reversing. It may not reverse back into a full uptrend, but will likely go higher from here. Alternatively, the move to the downside could resume given a boost in bear commitment.

The bullish divergence on the RSI and reduction in momentum mean we're looking out for a potential support to create a temporary bottom. Not far from the current price is the 3.618 Fibonacci extension level derived from the range from point A to point B. This falls around the psychologically significant $7500 level.

This is the most interesting level to me at the moment in the short-term, and traders should be watching for the patterns which might form here.