The rally only made it to the median and 9200 previous support before a retrace sent it back to the previous honoring the ACE down trend. We are now seeing a more well formed downward ( ) over the longer time period shown by the (A-E) - it can be noted that the apex of the coincides strongly with another previous (at 7500), and the next orange running from mid July.
Prior movement says we should see a bounce to the top of the - further we have a lot of resistance and at the 50% line (which runs through D), therefore I think we may see a move to point 1 which hopefully will show enough of a breakout of the to inspire buying. Similarly I would like to see a second bounce on the ACE to confirm a on the shorter timeframe from D which would also be considered .
on the four hour is showing divergence indicating a bounce and we are running at the bottom of the , however the is still pointing down, as is the .
The double hit on 8210 and then 8200 after E is a good sign. However as I've always said, BTC is heavily governed by news (lately mostly negative), so I consider all support lines pretty weak in the face of media and fundamentals. Let's hope we get a chance to see a breakout soon!
Also of note is the shown on the 1 day and - these can sometimes show breakout patterns prior to the price so it is worth monitoring for any change. Some can also be seen here on the (pink line). Also on this timeframe we are hovering around the 231 . Breaking through this resoundingly, along with the would likely see us in a bear market.