We have countless days of bullish action and we all jump and rejoice... We continue with a bullish market and we all enjoy the profits, the growth, and the fun.
We get one red day and we call it the end of the of it all... Remember, patience, Bitcoin is moving back up.
Bitcoin Recovers?
Looking at the 4H timeframe so far we have a "V-shaped" drop and also a strong bounce, these signals can tell us of a potential recovery.
Prices moved below EMA300, the grey line on the chart, just to quickly move back up.
This can be seen as a strong shakeout, a long-squeeze, a correction, etc... The important part is to see prices resume growth.
The signals are good so far.
If we look at the daily timeframe, Bitcoin remains trading above EMA50 which is good.
If this level breaks, then bullish bias can change.