BTC is currently being held above $7740. Since September 26, BTC has had three bounces from this support level. With later bounces, the peak is higher than the previous times. It is creating an Expanding Triangle Pattern.
With the Expanding Triangle pattern, we still expect a strong rally from $7740 level, the target price recovery is at $9120.
It is likely that a large number of traders will place buy orders above the $7740 zone and place stop-loss orders below that support. Once the bear dips BTC below this level, it will trigger a series of stop-loss orders and this can result in a falling price to $5500.