The recent Bitcoin surge looked really strong, however, the bulls are not seeing more continuation even after a pretty long period of consolidation. On the daily chart the bulls have finally lost both EMA’s and the EMA bull cross is now on hold unless the bulls can see another big surge.
This is pretty concerning for BTC as the bears are getting stronger every day, the next support level will be the $10,000 level, if the bulls are able to hold that level, the daily uptrend will be maintained easily, however, if the bears manage to break below the support level, BTC could see further weekly consolidation down to the support level of $9320.
The weekly chart is still in a clear Equilibrium Pattern, currently closer to a bear break, however, the bulls are trading above both EMA’s.
The 4-Hour chart is in a pretty volatile downtrend, we are seeing a lot of long wick candlesticks as well as bulls buying the dips but even though the bulls are still buying, the bears are slowly closing the distance with the $10K level.