Bitcoin Recovering Strength and Sets the Bottom

September 12, 2019 9:36 PM UTC

We talked about the bulls losing confidence in our recent analysis. It seems that they finally woke up and are trying to set a higher low at $9880 to continue with the uptrend. This is good, however, it’s certainly not the ideal scenario and BTC is now very likely to enter into an Equilibrium Pattern because the bulls won’t have enough momentum to break through the high of $10905.

Overall, the sentiment is still positive and the bulls still have the upper hand in the short term. BTC is currently trading above both EMA’s which could cross bullish in the next few days if the bulls keep up the momentum.

The 4-Hour chart is now in a confirmed uptrend as BTC is trading above the EMA’s which are about to cross bullish in the next few hours. The RSI is not overextended and the bulls are not facing resistance until $10480 and $10592.

The hourly chart is also in a big uptrend with an EMA bull cross, however, the RSI is in the overbought area which could slow down the bulls.

The weekly chart has definitely confirmed the higher low of $9320 as the recent low of the weekly Equilibrium Pattern. The high remains at $12330.

 

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