Bitcoin is holding at the 55ema which has held as support for a while. We have already broken through the long term up trend line and approaching a more recent established uptrend created by the most recent lows. If we break through the 55ema with conviction I dont think it will hold. We also seem to be in a downward channel that has been acting as support and resistance. We have also tested the golden pocket twice that created our last two lows. We could be going down to the 786 and Im out until we see some change in either direction. Or we could tripple bottom and head back up for new highs. Also the rsi is at a support level right now and if that doesn't hold we will see continued selling.
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We have now closed below the 55 EMA. There is some divergence on the 4hr chart but there doesnt seem to be enough volume coming in to support a move higher.
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We were not able to stay above te 55ema. If we cant hold above 7000 we will test the recent lows. Once or if we get below this coming trend line there could be a break to the downside. If we cant get above the 7600 and close on the daily further downward movement should continue and we have yet to do that.
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You could make the arguement that btc is forming an ascending wedge on the houring with bearish divergence on the hourly rsi