Now, let's take a look at the big picture to see how the short term price action will affect the big picture.
(Weekly) The is approaching a key around 53 that has always held since the Bitcoin hype started a year and a half ago. The is close to crossover, but in the past, the always leveled off and the crossover has never happened. Based off a key , BTC has strong support in the 9k-ish region.
The weekly chart is indicating that Bitcoin has found strong support, and the correction phase is almost over. However, it'll extremely bad if Bitcoin tumbles below 8.5k and breaks 50 , breaks the , experiences a crossover. If that happens, key support levels are broken, and it could mean that this correction will be different from previous corrections.
On the , it seems that Bitcoin is not quite done correcting. In the past, Bitcoin has bounced off the 30 level during corrections, and it could easily test that level again. In addition, a is forming, and Bitcoin may see another touch on the lower support line. On the bright side, the is close to a crossover.
The 4 hour chart isn't looking so great either. Bitcoin has some strong resistance in the 11.7k to 15k area. A price spike upwards could easily be a bull trap. The is wedging; a break below the support line will send the price tumbling towards 10 or 9k, and break above will likely sustain a short-term up trend. However, the is as a key is broken and has found a strong support line.
The last MACD 4hr crossover didn't last long and I don;t hold much hope for this one.
Still waiting on the bull trap, but am getting nervous.