Happy Thursday everybody! I just got back from a work training, so apologies for no update yesterday despite the blood bath.
Well, bears have taken over for the time being. We are seeing the bulls on the run. There also seems to be a mix-up about what's going on as we see no patterns in volume.
Bitcoin bulls are one of the only ones to hold higher lows on the daily charts though. This does indeed confirm continuation of the pattern as long as it holds. $10,761 is actually the level bulls need to hold in order to make the higher low. From there, they'd need to see upside breaking the $13,000 level.
Hourly and shorter charts have been oversold, so we could see a lot of bull pressure coming in at this supportive level.
Consolidation on the short term does still indicate a bear breakout based solely on the initial move coming into consolidation. We haven't seen bulls really try to bounce though, so we might see upside like we've experienced before after a pullback and sideways consolidation.
Daily charts are still holding closes above the 12 and 26 EMA's though, so the move still has some upside signals. Weekly chart does still need to pull back eventually, so we're making sure our positions are kept very short at this point.
Hope you all have a great day!