Here is what I see going on with bitcoin .

On the 4hr timeframe, we are currently seeing resistance at the 200 ema as well as the ichimoku cloud . The price action is above the ribbon but under the cloud and 200 ema so the price is getting “squeezed” between the resistance/support.

1) Im leaning more towards move #1 but with low confidence. This is based on the green zone of support giving us higher highs almost every time we test it.

2) BTC has some pretty serious resistance ahead as marked by the ichimoku cloud as well as the 200ema. This area also lines up with the EMA spread on the daily chart , of which the price is currently under. It is worth a note the spread on the daily isn’t very wide so we could break this with ease depending on how strong the next move to the upside is, if we get one.

3) If we do reject here, and we get sent to the bottom of this green box, outlined with situation 2, I believe we will likely find support at it as when we’ve tested it before it was a quick wick down. The only problem then is we would have quite the rejection from the 4hr ichimoku that would set a lower low. If this happens we could be entering a new downtrend as the ichimoku only works well in trending moves

4) As always this is not financial advice and always do your own research before entering the market.