My2Sats

BTC Update! Bear flag break and strong dip buying!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Leaving same 4 hour chart from yesterday here and if you actually zoom in on smaller time frame (5-15 minutes) it is much clearer. But yesterday we were watching for a potential bear flag as well as watching our 12 EMA serve as resistance.
The bears made an initial bear break but overall was fairly weak and a fairly quick recovery by the bulls to buy things back up. Bulls were again rejected by the 12 EMA tho and then the real bear break began where the bears crashed through some prior lows. Bulls did give an extremely strong buying of the dip and this bear break lasted all of 5-10 minutes going down to $3425 before rebounding. Bulls made a decent attempt here to break to a new high for the past 48 hours and go ahead of 12 EMA and tried to get ahead of 26 EMA as well. Currently bears have stepped back in but bulls fighting to maintain 12 EMA as support here which would be great news if they managed to pull that off. Zooming out towards daily and bulls have anything under $3766 is just another lower high. $3425 is currently our lower low on the daily as the bears seek to stair step the price action back down towards $3k.
While I am not excited to jump into a bullish position, I am happy to see the bulls not just rolling over and letting the bears take full control. Bulls are stepping in to buy these dips but if they continue to only set lower highs and then lower lows on our daily, it just becomes a matter of time before the bears make their big push. So stay cautious, if anyone played the dip buy early this morning, it gave a nice 4-4.5% return in minutes.

Just My 2 Sats!