Bitcoin Fake Bear Break with no Continuation

September 19, 2019 By: Lorenzo Stroe

Bitcoin was in a daily Equilibrium Pattern that just broke bearish, however, the move didn’t last long as the bulls were able to push the price back up quite fast. This fakeout might have been caused by the consolidation ‘crash’ from the other altcoins which have been experiencing a really nice bull run recently.

The price of BTC is almost back up at what it was before the fakeout, this actually shows that bulls have a lot of strength. On the weekly chart, this creates a new higher low compared to $9320 but only if the bulls are able to hold it for this week.

Bitcoin is trading above the 12-day EMA on the weekly chart, this improves the odds for the bulls to see a bull breakout from the weekly Equilibrium Pattern.

The hourly chart shows the 1-hour move from the bears with sideways trading afterward creating a small hourly equilibrium pattern that broke bullish. Most altcoins have actually experienced something similar, however, the fakeout for BTC was bigger due to the break of the daily Equilibrium Pattern.

 

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