Bitcoin Indecisive but Still Strong

September 8, 2019 By: Lorenzo Stroe

The Bitcoin bulls have attempted 3 bull breaks but were unable to see continuation and the bears finally took advantage of it with a 4% loss in 1 hour. The bulls have recovered since then and were able to see an hourly bounce from $10150 up to $10592 although Bitcoin is currently trading at $10346 after another massive hourly candlestick where the bears were able to push the price down to $10208.

Looking at the daily chart, this consolidation is still pretty healthy and the bulls have been able to defend both EMA’s. The 12 and 26-day EMA’s are looking for a bull cross within the next few days.

The 4-hour chart is looking for a trend change after the bulls were able to set a low of $10208, they are not trying to break above $10592 to confirm that trend change. The EMA’s are inches away from a bearish cross, something that the bulls would definitely want to prevent.

The weekly chart has clearly formed another higher low of the Equilibrium Pattern at $9320. Bitcoin is currently trading a bit below the half point of the Equilibrium but the bulls were able to defend the 12-day EMA yet again.

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