At the moment we don't want to be in the market and we are waiting for a break out with big volumes to take a position.
In red, blue and purple you can see the heavy resistances we have to break as well to fully be back in a scenario.
In black the different supports we have on the way down if the bears push Bitcoin down.
We hold this (In purple) since march. We've been touching it several times. We even broke it few times but we never closed a candle under it. And if we break it and if we close a daily candle under, it's gonna be a very sign.
In the other way, we've been touching the resistance log (in Black) 3 times and each times it's been very repulsive and the bears pushed us down.
Let see how it will react the next time.
Please note that the is in the oversold zone.
As I said we are approching and we will know in few days or weeks where we go. Be patient !
Looking at the four hour, we can see the volume are getting low and bears are loosing momentum. Stoch RSI is in the middle but MACD is about to make a cross.
We have a death cross on the EMA 50 and 200.
We need to go above this red box that I draw and use it as support as soon as possible otherwise we will retest one more time the LOG trend line in purple.
This trend line is been very supportive since 1 year and we don't want to break it and have a daily candle closed under it.
The next hours or days are criticals.
We need to pay a lot of attention to this purple line.