BITCOIN Consolidation Looking To Break Through EMA Levels

We were hoping the bounce was going to play out a little bit more than it did. Now, we're seeing the struggle of the price action to fight against the EMA resistances and break through, reversing the trend.

Support for now is at $7,437. I am thinking we are entering consolidation though to let the bears take a break. Volumes have been falling on average, so likely we will see this consolidation wedge carry out.

Short trend has been making higher lows though so we need to see a higher high on the shorter trend to carry out into the 4-hr and daily. There's still potential on the longer charts to reverse the longer trend and form bullish patterns. However, we are struggling and the odds are against the bulls at this point.

On the 15-minute chart, we've seen all the spikes in volume be bullish over the last more than half day. this is a pretty good sign and should mean bears are slowing down for a bit. Holding on here would be good for the short term to watch and hope that these levels break EMA resistances as well.