4 hour chart
A = Resistance shown by .382 fib not just on the 4 hour chart but the daily also
B = Support shown coinciding with trend line which started last july
Yellow sloping uptrend lines are from july and the green uptrend line was established by the previous two lows last November and this February
Looks like Resistance at 8500 USD area and support at 8000 USD
I will keep it simple in this update and share an analysis using simple trend lines.
The current down trend lines have been established since early January and are acting as strong resistance, as well as previous broken support areas becoming resistance also.
watch closely as we creep up to the convergence point of the two current up and down trend lines.
Btc is at critical resistance and needs to pass both the fib and down trend line of the current channel.
6500 showed great support and bounced hard, if support is found above 7000 then i may be more bullish.