Bitcoin - important update, best case scenarios.

We are at the stage where we need to start considering what the bottom could look like. Let's start by defining what a bottom would look like. A bottom is when an asset hits a trendline or horizontal support line and it then goes up and touches back down to retest that line but refusing to go below it. Let's look at the current candidates for support. BTC hit 3 lines at the same time as support, we now have to figure out which one line will become "Possible" continuous support. The likely outcome is that the rising green trendline will act as support, so if we are going to retest a line it will likely be that one.
As far as resistance we also have the 50MA to deal with, if we conquer it we are 100% going to test the 200MA. As of right now, we are retracing, which is healthy, if we fall below any of the current support lines we are wide open to the possibility of hitting the $4700 area.

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NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white

THE TREND: Going Down
THE OUTLOOK: Begining to see the end of the downtrend a rally may be coming soon.

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Also, we stopped at the 61.8% retracement of last week's move. So far this is a healthy retracement, if we go any lower than 61.8 we could be retesting the trendline which is part of forming a bottom.