After the hourly RSI got oversold on the flush under $7,000, the bulls have been bouncing with nice short term gains.
That being said, we are very likely to form a lower high on the 4 hour chart.
In order for the bulls to break the new downtrend, we will have to consolidate, form a higher low on the 4 hour chart, and then follow through with a higher high.
At this point it is still healthy daily consolidation, and if the bulls are able to break the 4 hour lower high pattern, we will look for a new all time high.
Personally focused on ETH and LTC until I see BTC bulls break this lower high, and see a bullish 4 hour MACD cross.
That being said, we are very likely to form a lower high on the 4 hour chart.
In order for the bulls to break the new downtrend, we will have to consolidate, form a higher low on the 4 hour chart, and then follow through with a higher high.
At this point it is still healthy daily consolidation, and if the bulls are able to break the 4 hour lower high pattern, we will look for a new all time high.
Personally focused on ETH and LTC until I see BTC bulls break this lower high, and see a bullish 4 hour MACD cross.
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