We have been talking about how Bitcoin bears have been lacking strength for the past 2 weeks now. We have seen numerous support level breaks but no continuation afterward from the bears. Trading volume has also been stagnant for the last weeks.
Yesterday, Bitcoin fell below $6500 but quickly recovered and bounced back up to $7440 and it’s currently still trading at around $7200. The trading volume has increased significantly and the daily RSI level has cooled off while the MACD has turned bullish again.
The bulls were able to break above the daily high of $7309 and they are now looking to set a higher low or a bull flag and eventually confirm a daily uptrend.
The hourly chart is clearly in favor of the bulls now and in a strong uptrend. Similarly, the 4-hour chart is also in favor of the bulls which have been able to break above several resistance levels and it’s currently forming a bull flag here as well as the MACD has shifted bullish big time.
The weekly chart has formed a hammer candlestick which is a bullish indicator, however, the bulls are still weak here.
The monthly chart hasn’t changed much as the bulls are still looking to set that higher low but won’t be able to do so until the weekly chart changes in their favor.