On a 4-hourly chart bitcoin
price action formed a falling wedge
that broke out to the upside, almost reaching its appointed target. The price went up 8%, before crushing back within a few hours. Bulls tested hight, but got almost immediately rejected by bears indicating a lack of strength to break above previous high at $7900. During these choppy moves, EMA
ribbon lost its significance, RSI
is in the mid ranges and the volume
is very low. This seems like the calm before the storm, while major transactions are happening behind the scenes.