The whole market just experienced a brief crash. Bitcoin lost 2% in value within 1 hour and the bulls are currently bouncing quite nicely on the hourly chart.
Bitcoin was trading above the 12-period EMA and the bulls were trying to see another leg up, breaking above $8779 to continue with the daily uptrend. Unfortunately, this recent move has slowed down the bulls significantly as they are now trading below the 12-period EMA.
This could mean further consolidation is about to happen, although the bulls are still holding a higher low. The most likely scenario at this point seems to be a daily equilibrium pattern that will play out for the next week.
The 4-hour chart uptrend has been lost although the bulls have recovered quite nicely. They are now trading below both EMA’s, however, we will have to see what the momentum looks like after the current bounce attempt.
This hasn’t changed things on the weekly chart, although this bear flag is almost dismissed at this point. The bears are clearly not showing any strength after the overall market crash.
The monthly chart is still waiting for confirmation from the weekly chart in order to set the higher low. The long-term is definitely still positive for Bitcoin.