The cryptocurrency market is one of the most volatile markets out there and this week has proven that fact once again. Bitcoin lost around 7% in value four days ago with a violent bear move. The next day BTC traded sideways without any surprise, however, yesterday, the digital currency saw a huge bull move from $7361 all the way to $8799, a 17% increase.
Today, Bitcoin broke $10000 and touched $10370 before the bears were able to push BTC down to $9130, which is where BTC is currently trading.
This clearly shifts the momentum in favor of the bulls and opens the door for a lot of trend changes. The weekly chart, for instance, is now showing BTC trading above both EMAs and although there hasn’t been a trend change just yet, the bulls have set a really nice lower high compared to $10905.
The 4-hour chart is clearly in favor of the bulls as the low is all the way down at $8470, the bulls are looking to set a higher low and seek continuation afterward.