The recent Bitcoin bounce has raised the hopes of investors again as the daily chart formed a strong uptrend. Currently, Bitcoin is trading at $9,200 and hasn’t lost the $9K level just yet. The bulls are looking at healthy consolidation thus far.
The daily EMAs have crossed bullish but are not close to the price. The nearest support is the $9K level, however, this is not a decisive level and bulls will look for the EMAs as support if the other level breaks.
The RSI has cooled off a little bit and trading volume has significantly dropped. The 4-hour chart remains in a descending parallel channel but shouldn’t be a concern for the bulls right now. The bears are trying to break below the 26-period EMA but are having a tough time and they lack momentum.
The weekly chart has clearly shifted in favor of the bulls which are looking to set a higher low and then break the high of $10370 to confirm an uptrend, however, a higher low might not even be needed if bulls’ momentum continues to be strong enough to break above $11000 in one move.
The monthly chart is closer to confirm the higher low at $7300 and the bulls are extremely comfortable here with EMAs crossed bullishly and the price trading above both of them.