Bitcoin Continues Marching Forward

September 4, 2019 By: Lorenzo Stroe

Bitcoin bulls have done an impressive job the last several days, they were able to bounce off and break above the last daily resistance with a lot of volume behind them.

There was a small sell-off today but the bulls quickly bought the dip and the 4-hour chart is still looking wonderful for them. The price continues trading way above the EMA’s. The hourly chart is also pretty strong, we are currently in an uptrend with BTC trading above both EMA’s and a cooled off RSI.

The 15 minutes chart was interesting, the bulls attempted to break yesterday’s high and after battling the bulls for 10 minutes, they were unable to see any continuation and the bears were able to create a small sell-off of around 1% in 15 minutes. BTC is currently trading at $10619 and the 15-minute chart support is at $10574. If the bulls are able to defend this support level, they will have another real chance to break the high.

The most important support level remains at $10369 on the 4-hour chart, if the bulls cannot defend this level, it will mean a significant shift in the trend and the short term will become bearish.

The daily chart does need a bit of consolidation and as long as the bulls defend the $9320 daily support level, they will be set to confirm a daily uptrend.

Follow us on
Daily updates

Leave a Reply

avatar
  Subscribe  
Notify of