Bitcoin has finally formed another daily Equilibrium pattern with a high of $10448 and a low of $9880, currently trading at $10143, pretty much in the middle of the range. So, who has the upper-hand here? For one, the bulls had a really nice bull break at the beginning of this month but BTC is now trading below the daily EMA’s which failed to cross bullish.
The 4-Hour chart is now in a downtrend, however, the RSI is close to being overextended. The short term does seem to be favoring the bears, however, there is more at play here.
The weekly chart is heavily favoring the bulls with a huge bull run, however, if the bears were to take over the daily chart and pull off a bear break of the Equilibrium pattern, the weekly Equilibrium pattern would also favor the bears as BTC is also trading right in the middle of the weekly pattern.
This would not affect the monthly chart too much since the bull run was just too big, in fact, the 12-day EMA is at $7958 on the monthly chart and the bears would only be able to set a higher low and lower high at most.