Bitcoin bulls have done a great job on the 4-hour chart and they are now dominating. The 4-hour chart was in a en Equilibrium Pattern with the first high at $9696 and a low of $9450. The next higher low was set at $9520 an the bears breached that level 10 hours later, however, they were unable to see continuation.
The bears were able to push the price down until $9420 but the bulls quickly bought the dip, essentially forming a fake out. Almost 20 hours later, the bears attempted another break out and again the bulls quickly bought the dip. At that point the Equilibrium pattern had 2 major bearish fake outs, something that indicates a lot of bull strength.
Over the next 4 hours, the bulls were able to push the price above the last high and they smashed through both EMA’s as well as all resistances with a lot of volume. The 4-hour chart formed a bull flag which was confirmed 8 hours later with more continuation from the bulls. The EMA’s are about to cross bullish on the 4-hour chart.
The daily chart still needs some work, however, this is definitely a good start by the bulls. The next resistance lies at $9930, the current 12-day EMA. The biggest resistance, of course, will be the $10,000 level.