Bitcoin has been forming a weekly bull flag for some weeks now and it’s pretty much confirmed at this point and still in place even after the recent pullback. This bull flag is also a ‘Falling Wedge’ which is also a bullish pattern. The price has seen solid support at the 12 day EMA on the weekly and has bounced 2 times already. The 12 and 26 EMA’s are still in a bullish cross and will not cross bearish any time soon.
The daily chart continues in a downtrend but there is some strong support nearby at $9060 and Bitcoin is trading at $9550 currently. Bulls are trying to change the trend and need to break $10188 which isn’t that far away. Daily EMA’s have crossed bearish though, something that hasn’t happened since February of this year. Clearly the short term is still bearish but bulls have strong long term patterns and signals.
The monthly chart is also really strong and bears would need to break below $3156 to change the trend, bulls are looking to set a higher low and see continuation, something that could easily happen this year.
The daily chart continues in a downtrend but there is some strong support nearby at $9060 and Bitcoin is trading at $9550 currently. Bulls are trying to change the trend and need to break $10188 which isn’t that far away. Daily EMA’s have crossed bearish though, something that hasn’t happened since February of this year. Clearly the short term is still bearish but bulls have strong long term patterns and signals.
The monthly chart is also really strong and bears would need to break below $3156 to change the trend, bulls are looking to set a higher low and see continuation, something that could easily happen this year.