After the recent bounce, Bitcoin started consolidating for a few days and has now broken below the 12-period EMA after 4 days of consolidation. The bulls are trying to establish a higher low at $7151 but it’s not confirmed just yet. The daily RSI remains quite low which means the bulls can see a lot more action.
The 4-hour chart is the clearest indicator right now for the bulls. The uptrend there was lost, however, the overall ascending line wasn’t. The bulls managed to bounce two times from it and they are now looking to break above both EMAs.
The trading volume here has been decreasing for the past few days which indicates a big move is about to happen. The bulls are only facing two resistances here, one at $7477 and the last at $7850.
The weekly chart remains in a downtrend and the EMAs have crossed bearishly. The bear flag at this point is no longer a reality but the bears still have the advantage here.
It’s on the monthly chart where the bulls still hold their strength as they are looking to set a monthly higher low and continue with the current uptrend.