Bitcoin Bears Might be Losing Strength

November 14, 2019 10:19 PM UTC

Bitcoin has recently shifted towards a daily downtrend after the bears were able to break below the $9000 level, however, they did not see any significant continuation after a week.

The bears are also lacking volume even though they were also able to break below both EMAs which are on the verge of a bear cross.

Bitcoin is currently inside a daily descending wedge, a bullish pattern. The bulls are now looking to hold the recent support level of $8567.

The 4-hour chart has been in favor of the bears since the loss of the $9000 level. The bears were able to break below both EMAs and keep Bitcoin there for days.

The weekly chart is also showing bear weakness as the trading volume is significantly decreasing every week. The bears did, however, break below both EMAs here too.

Similarly, the monthly chart is highly favoring the bulls. The volume here is also quite significant and has been ascending for the bulls but descending for the bears.

Considering the upcoming Bitcoin halving in 2020, the bears don’t seem to have enough strength to hold Bitcoin below $9000 much longer. We could see a break above $10000 before the end of the month.

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