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TheChartGuys
Jun 4, 2019 10:33 AM

BTC Bulls Trying for Bounce Follow Through 

Bitcoin / United States DollarCoinbase

Description

Yesterday the daily uptrend was lost on BTC indicating the start of weekly consolidation for the first time in a couple months.
It was also the first time the 4 hour RSI had been that oversold since the $3,000s.
This shows a shift in the market, where RSI levels on longer term time frames should be paid attention to more, as bulls are not longer in full control.
The bounce attempt has been slow going, and it is up to the bulls to change the hourly trend from here to look for some follow through.
Remember that if the trend change does not follow through, it means zoom out (to the weekly) and look for a potential flag.
Bears have some proving to do, and lower lows are required for them to do so.
Comments
jetrbc
Hi Dan DID we confirmed the Monthly Higher high ? If yes , what does it means ?
cen7
Great post. Thanks for the clarity!
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