As we all know Bitcoin has been struggling with Bearish pressure and still trying to get to a stable mode.

On a 4 hour chart, we can see that though Bitcoin is still moving within its Ascending parallel channel and it is almost close to the lower part of the ascending channel .

On a less timeframe, Bitcoin has formed a symmetrical triangle. So its a matter of time that we know which side Bitcoin is heading.

Also situations are more worse with majority of MA's and EMA's are now working as Resistance, which is obviously not a good news.

Going by the chart, below are possible scenarios or rather probabilities that needs to be considered.

Scenario 1 (Red Path) - Bitcoin to move up and break the symmetrical triangle bringing some good news for Traders.

Scenario 2 (Blue Path) - Bitcoin to break lower of the triangle, and take support at S1, which is also the lower part of the Main ascending channel .

Scenario 3 - If lower part of main ascending channel cannot hold Bitcoin then next support will be at S2.

Scenario 4 - If even S2 cannot hold Bitcoin then Bitcoin will take support at Dynamic support line before bouncing off for recovery.

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Note - These are my personal notes and in no way a financial advice. Do your own research and Trade wisely