BTC showed weakness recently dipping again below the 4hrs 200 ema. It is now resting on the daily 200ema. So we are back to the same situation since a couple days ago, sandwiched between the two ema.
A bullish divergence formed at the lowest wick, This could be the first leg of a W that will take us up. Or it will go sideways.
A dip below the last lower wick and break of the red support line is bearish. It will however dip to the lowest wick level if it forms a W, so don t be surprised.
the bias remains bullish, But BTC is showing weakness relative to Alts, a sign of Alts season. I expect Alts to pull BTC up.
There is the possibility of further downside below 8500k but this has been reduced with time and correctional structures has been broken on other coins.
The timing can be much longer than I have drawn, maybe days. So be patient and watch carefully for which pattern will transpire.
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beware of a scam wick to 8400
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a drop to 8550 soon, with an added scam wick to 8300. up afterward.