Bitcoin's price on the daily's has been squeezing and finding support at the 8 EMA for the last few days and today the price wicked down to that level, again. I see two likely scenarios from here, the longer this squeeze continues. We either see price breakout to the upside, or, most likely is that BTC breaks support at the 8 EMA. However, If that happens, I think BTC will find support at the 21 EMA, currently, $8,800, which could be just what it needs to get some upward momentum going again. It may just wick down to the 21 EMA.
The weekly chart has been indicating that we could be seeing a market bottom, if BTC can maintain its current levels;