The 4 hour bitcoin chart shows a potential cross of the 50 and 200 EMA. While many are saying this will leading to a big move (could be either bearish or bullish), the facts don't point to such a reality. Scroll to the left and see for yourself. While sometimes it does lead to a big move, at other times it leads to just more consolidation.
For me, the big factors now are
1. Can price close above the converging EMAS?
2. Can price close above the 100 ema and move higher to the top of this current range?
3. The RSI has crossed the 50 line and retested it once. Can the RSI move higher?
4. The Squeeze indicator has been moving up since the consolidation around 9,750 for the last 2 days. Can it continue to move up?
5. The current price action looks to me like a bull flag.
While mostly bullish signs, a failure to break the large red candle 3 candles back will most likely mean that a price drop will come soon. Price should move away from the candle within 5 candles max if it's going to break out to the upside.
For me, the big factors now are
1. Can price close above the converging EMAS?
2. Can price close above the 100 ema and move higher to the top of this current range?
3. The RSI has crossed the 50 line and retested it once. Can the RSI move higher?
4. The Squeeze indicator has been moving up since the consolidation around 9,750 for the last 2 days. Can it continue to move up?
5. The current price action looks to me like a bull flag.
While mostly bullish signs, a failure to break the large red candle 3 candles back will most likely mean that a price drop will come soon. Price should move away from the candle within 5 candles max if it's going to break out to the upside.
