Bulls still battling EMA 12 hourly resistance and must see another leg up for the bulls to negate the potential for a bear flag. If we lose these hourly higher lows we are headed to $500 as BTC heads to $6,450. Currently in small bounce positions and remaining protective against this scenario. Bulls need to break the high of this bounce to give some confidence on the day and form a bullish reversal candle on the daily. RSI levels have already cooled off a good deal though BTC still has lower levels. Look for a spike in volume to give us clear direction this morning. Remain skeptical of the bulls until they prove themselves with volume and resistance breaks.