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Bitcoin Another 4 Hour Equilibrium
Bitcoin was in a very clear 4-hour equilibrium pattern which broke bearish with a 3.67% red 4-hour candlestick. Bears haven’t seen much continuation yet and are forming a 4-hour bear flag which just had a bearish fake-out. Bears were able to push the price down to $11111 but bulls quickly took over and pushed it back up to $11482 holding the 12 day EMA.
The daily chart favors the bulls at this point which are simply looking to set a higher low compared to $9165 and continue from there. The higher low might be forming right now but we need further confirmation.
The weekly chart looks a bit worse for the bulls and it seems that this week candlestick will be closing as a bearish reverse candlestick. However, the long term is still favoring the bulls with the current uptrend on the weekly and monthly charts.
The hourly chart also formed a bear flag but it’s extending a bit too much, something that should be concerning to the bears, we could easily see a bull break of this pattern instead of a bearish one.
The daily chart favors the bulls at this point which are simply looking to set a higher low compared to $9165 and continue from there. The higher low might be forming right now but we need further confirmation.
The weekly chart looks a bit worse for the bulls and it seems that this week candlestick will be closing as a bearish reverse candlestick. However, the long term is still favoring the bulls with the current uptrend on the weekly and monthly charts.
The hourly chart also formed a bear flag but it’s extending a bit too much, something that should be concerning to the bears, we could easily see a bull break of this pattern instead of a bearish one.
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