Bitcoin Slows Down but $11K Could be Broken Soon

September 6, 2019 By: Lorenzo Stroe

Bitcoin has slowed down a little bit, the bulls were able to create a nice and healthy bull flag on the daily chart, the daily EMA’s are looking for a bull cross tomorrow or the day after tomorrow. The RSI is only at 54 points which means that the bulls still have a lot of room for further growth.

The 4-hour chart had 2 fake bull break outs which is not good, however, the bulls don’t necessarily need to worry about it for now. BTC is still trading above the 12-day EMA on the 4-hour chart. The price is currently trading sideways aside from the 2 fake outs.

The volume has been dropping significantly which means a big move is coming soon. The hourly chart is in a clear sideways trading where the price keeps bouncing between the EMA’s.

The weekly chart is still in a nice equilibrium pattern, the new higher low has formed at $9320 and the high remains at $12330.

 

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