Watch how this plays out. I’m seeing the $25,600 level as the immediate downside price target for this move. This brief consolidation in a downtrend may not be over for Cryptos just yet. I believe the global markets are nearing a bottom – or at least looking for new support. But in terms of Crypto deleveraging, I believe there is still quite a bit of pain to be seen while price levels attempt to identify new support.

Watch for another downside price event to take place over the next few weeks as traders attempt to reduce risks. The market is attempting to unwind a massive speculative phase and this move could be very painful for many.

$25,600 to $26,000 looks like a solid downside target to me.