BITCOIN Bears Taking Control

Bears break out! The bear break from the daily inside bar pattern yesterday was a first initial indicator. I exited my position at a slight loss yesterday after bulls failed to see continuation and upside. Bears are now in control again as they are heading into closing out the weekly bar in 8 hours with a bit of magnitude. The weekly is definitely needing to cool down after being overbought for weeks.

Prices are likely to continue to pull back and test the $9,651 support. There will likely be bounces in between now and the test, but ultimately, I think we will still be pulling back for a while.

On the optimistic side, prices are currently still holding higher lows with lower highs, forming a wedge formation for consolidation. We are likely to see some increasing volume though which will need to be watched for. Should we see follow through and continuation on increasing volume, we can assume a bear break is still probable.

Hope you're all having a great weekend!