Bitcoin Daily Clearly Bullish

After Bitcoin hit EMA50 daily we had 4 consecutive red candles... Bearish, bearish, bearish but, what's the outlook?

The truth is that even with this type of bearish action/consolidation, Bitcoin remains technically strong.

First, notice how in the past the red candles are much bigger/longer, this is not the case in the previous 4 days.

Another signal we use very commonly is EMA10.

Even though Bitcoin has been bearish for four days, it remains trading above EMA10.

Trading above EMA10 = Bulls ahead.

The RSI is sitting above 50 and we are looking at a clear bullish flag as chart pattern.

From July 13 to July 20 Bitcoin grew by 28.4%...

It is normal, 100% expected, even necessary to see a retrace.

Any retrace after a new resistance level is hit should take prices to the next important support. After 5 days of trading, Bitcoin remains above the main 0.382 Fib. retracement level...

It can drop but it isn't happening so far and since we just had a bullish breakout, we can expect continuation as the new week starts.

These are just the chart signals of course, we will have to wait for the market to show us where prices will go.

Namaste.