On the Daily's for Bitcoin (above), we see that, on Tuesday, BTC dropped to approx $8,555 at the 61.8 fib level, also finding support there above the 50 sma (blue line), before a bounce.
From there, see the red arrow, the price was held up as the bulls battled to move the price up above the 13 ema (green line), approx $8,775 and the 21 ema (brown line), approx $8,820, on the 240s, to turn momentum on that time frame in a positive direction. (see chart below)
After breaking above the 21 ema, BTC wicked up to a resistance zone on the 5m chart, at approx $8,840, before reversing back below $8,820 and $8,775. If BTC is to move any higher, it must first break above $8,840. ( see chart below)
The charts are giving us mixed signals. On the Daily's, there is the threat of a looming death cross, which would see the 100 sma (pink line) crossing below the 200 sma (black line).
However, on the weekly's, BTC is moving closer to a golden cross, which would see the 50 sma (blue line) crossing above the 100 sma (pink line)
If BTC retraces below the 61.8 fib, then the probabilities of a further drop will increase.
Comment:
Support further down is still at the 50 sma and approx $8,350, $7,230, $7,020 to begin with.