A 4 hour higher low formed yesterday, and we are still in a tightening range. Another day where bulls are "fine" holding their ground, but also not proving anything in terms of strength. Continuing to watch other coins like LTC for any potential lead indications. Volume continues to be the key missing ingredient for bulls, which would need to stand out on the daily time frame. Certainly a market environment to test patience. Bears are patiently waiting for a loss of the 4 hour uptrend to enter a position looking for further daily consolidation. Note that even with a bull break we are still about 3% away from the high of the initial bounce. Be skeptical of bulls, make them prove it, until we change long term trends.
BTCUSD H4 Correction up. Checkout the idea detail's and update's for the complete picture.
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Thank you for your analysis. What do you think if the Bulls are waiting for the 50-MA on the Daily to get a bit closer to price? Seems like other projects, such as ETH, LTC, ADA - these have already surpassed the 50-MA resistance on the Daily charts, but not BTC. It has been lagging the market significantly during this uptick.