Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?

Bitcoin price is down 6% and tested $7,400 (discussed in the medium term outlook) against the US Dollar.
The price is showing no signs of a strong recovery and remains at a risk below $7,800.
There is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
A daily close below $7,400 could open the doors for a push towards $6,500 (as discussed in the recent medium term outlook).Bitcoin price is declining heavily below $7,800